Wfg life insurance - Study guides, Class notes & Summaries

WFG Questions with 100% Correct Answers If an agent fails to obtain an applicant's signature on the application, the agent must - Correct Answer ️️ -Return the application to the applicant for a signature Why should the producer deliver the policy when the first premium has already been paid? - Correct Answer ️️ -To 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...

WFG Final Exam - Questions, Answers and Rationales (Complete Solutions) John owns an insurance policy that gives him the right to share in the insurer's surplus. What kind of policy is this? -Non-participating -Contributory -Participating -Surplus Participating policies give the policyowner the right to share in the insurer's surplus. Which of the following is NOT a benefit of insurance? -Reduces the uncertainty of loss exposures -Losses due to fraud are eliminated -Makes a loss whole again ...

Which of the following would be considered a nonmedical insurance application? a) An application that does not ask any questions about the applicant's medical history b) An application submitted with the Agent's Report c) Any application for life insurance d) An application on which the medical information is completed by the applicant and the agent only - d) An application on which the medical information is completed by the applicant and the agent only An application on which all of th...

WFG Questions with 100% Correct Answers If an agent fails to obtain an applicant's signature on the application, the agent must - Correct Answer ️️ -Return the application to the applicant for a signature Why should the producer deliver the policy when the first premium has already been paid? - Correct Answer ️️ -To 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...

WFG Final Exam | 370 Questions with 100% Correct Answers | Latest Update | Verified John owns an insurance policy that gives him the right to share in the insurer's surplus. What kind of policy is this? -Non-participating -Contributory -Participating -Surplus - "Participating". Participating policies give the policyowner the right to share in the insurer's surplus. Which of the following is NOT a benefit of insurance? -Reduces the uncertainty of loss exposures -Losses due to fraud ...

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...

WFG Exam Questions & Answers | 280 Questions with 100% Correct Answers | Latest Update | Verified What is meant by referring to an insurance policy as a unilateral contract? - Only one party makes a legally enforceable promise when must insurance records of insurance agents and brokers be made available to the Insurance Commissioner? - At all time Any situation that presents that possibility of a loss is known as - a loss exposure Which of the following information is not required to be comm...

WFG Final Exam | 370 Questions with 100% Correct Answers | Latest Update | Verified John owns an insurance policy that gives him the right to share in the insurer's surplus. What kind of policy is this? -Non-participating -Contributory -Participating -Surplus - "Participating". Participating policies give the policyowner the right to share in the insurer's surplus. Which of the following is NOT a benefit of insurance? -Reduces the uncertainty of loss exposures -Losses due to fra...

policy owner must have insurable INTEREST at time of application can NOT be FORCED or insurance will be voided representation - Correct Answer ️️ -statements made by a person on an application for life insurance that are believed to be true to the best of one's knowledge the only time it can be withdrawn is before the insurance is in effect (usually 5-8 weeks AFTER signing) NOT warranty How long does policy owner have to withdraw any representation made on application of life insura...

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 insur...