License wfg Study guides, Class notes & Summaries

WFG Exam Questions With 100% Correct Answers If an agent fails to obtain an applicant's signature on the application, the agent must - answerReturn the application to the applicant for a signature Why should the producer deliver the policy when the first premium has already been paid? - answerTo help the insured understand all aspects of the contract. Most agents try to collect the initial premium for submission with the application. When an agent collects the initial from the applicant,...

WFG License Practice Questions and Answers | 2023/2024 exam If the insured has a terminal illness, which provision would allow him or her to access a portion of the policy death benefit prior to death? An insurer selling without a license would be guilty of which of the following?

WFG License Exam (Life, Insurance, Accident) Questions With 100% Correct Answers insurance - answercontract whereby one undertakes to idemnify [restore before loss] another against loss, damage, liability from contingency [unknown/ unplanned events] indemnify Give Example. - answerrestore person to some financial position before loss has occurred to make someone whole EX: If someone passes, that lost of income is covered by life insurance (percentage of what is covered depends on plan o...

Any situation that presents the possibility of a loss is known as - a loss exposure Making an insured whole by restoring them to the same condition as before a loss is an example of - the principle of indemnity What is a requirement of a contract? - there must be offer and acceptance of the contract terms What are the benefits of insurance - provides a source of investment funds provides payment for the costs of covered losses reduces the uncertainty created by many loss exposures

Accelerated benefits - If the insured has a terminal illness, which provision would allow him or her to access a portion of the policy death benefit prior to death? Driving - All of the following are classified as life activities by the ADA (Americans with Disabilities Act) EXCEPT: A misdemeanor - An insurer selling without a license would be guilty of which of the following? 100% - The enrollee pays what percentage of the premium for Medicare Part B? Captive insurer - An insurer crea...

Accelerated benefits - If the insured has a terminal illness, which provision would allow him or her to access a portion of the policy death benefit prior to death? Driving - All of the following are classified as life activities by the ADA (Americans with Disabilities Act) EXCEPT: A misdemeanor - An insurer selling without a license would be guilty of which of the following?

insurance - contract whereby one undertakes to idemnify [restore before loss] another against loss, damage, liability from contingency [unknown/ unplanned events] indemnify Give Example. - restore person to some financial position before loss has occurred to make someone whole EX: If someone passes, that lost of income is covered by life insurance (percentage of what is covered depends on plan of insurance purchased before incident) contingency - unknown/ unplanned events what does in...

License Test (WFG) Exam Questions And Answers (Verified And Updated) A policy shall specify all of the following except - answerThe financial rating of the insurer The chance of loss without any possibility for gain is known as - answerPure risk The entire contract provision on a life insurance policy states - answerThe entire contract includes the policy and the application, if attached Insurable interest must exist: - answerat the time of the application All of the following would be co...

Matt would like to begin collecting payments from his tax-deferred annuity. If he elects the life income with 10 year period certain option, the insurer will make payments for how long? - At least 120 months regardless of when he dies If an individual health insurance policy is guaranteed renewable, what does the insurer have the right to do? - Make a modification to premiums charged by class

WFG EXAM Questions With 100% Correct Answers Which of the following is true in regard to health insurance issued on a group basis? a. All eligible members must be covered under a "non-contributory" group health plan b. All eligible members must be covered under a "contributory" group health plan c. No less than 50% of the eligible employees must elect to participate in the plan if it is considered a "contributory" plan d. No less than 75% of the eligible employees must elect to part...