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LA LIFE INSURANCE SERIES 101 ACTUAL
EXAM
CORRECT SOLUTIONS.
Which type of rider pays out a capital sum in case an insured loses a limb or their eyesight? - correct answer- Accidental Death and Dismemberment
If a policyowner of a convertible term life insurance policy exercises his/her right to convert, which of the following will happen? - correct answer- The term policy will be replaced by a permanent life insurance policy
Which of the following is NOT a purpose of the rule regarding replacement of Life Insurance? - correct answer- Regulate the replacement of Insurance by the consumer
Which of the following is NOT an example of a prohibited practice? - correct answer- Backdating
When demanded, Hearing are held: - correct answer- Within 30
days after the date a hearing is demanded
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Which of the following is not a standard or requirement for an illustration? - correct answer- Guaranteed elements must be labeled as such, but non-guaranteed elements need not to be labeled
Which of the following statements is NOT correct? - correct answer- In lieu of fines, the Commissioner may have a producer imprisoned for up to one year.
How many credit hours of continuing education must a producer complete every renewal period? - correct answer- 24 ( with at 3 hours in ethics)
Which of the following statements is FALSE with respect to HIV testing? - correct answer- A person may not Opt-Out of HIV testing
With regard to examinations, Which of the following statements is NOT correct? - correct answer- The expense of examination of an insurer or of any person is paid by the Department
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Which of the following CORRECTLY describes the practice of Twisting? - correct answer- Misleading and convincing an insured to surrender, lapse, or exchange an existing policy for a different one, to the insured's detriment.
Which of the following statements is TRUE with respect to assumed names? - correct answer- An agent who will be transacting business in Louisiana under an assumed name must notify the Commissioner prior to using the assumed name.
Which of the following statements is FALSE regarding requirements for accelerated benefits? - correct answer- Accelerated benefits effective for illness immediately upon the effective date.
An initial privacy notice is NOT required to be provided to: -
correct answer- A prospective customer
When do individual producer licenses expire? - correct answer- April 30th of each even-numbered year.
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