Wfg l - Study guides, Class notes & Summaries

WFG LICENSE EXAM (LIFE, INSURANCE, ACCIDENT)

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an application for life insurance that are believed to be true to the best of one's knowledge the only time it can be withdrawn is before the insurance is in effect (usually 5-8 weeks AFTER signing) NOT warranty How long does policy owner have to withdraw any representation made on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...

WFG License Exam (Life, Insurance, Accident) Questions and Answers 100% Pass insurance - Correct Answer ️️ -contract whereby one undertakes to idemnify [restore before loss] another against loss, damage, liability from contingency [unknown/ unplanned events] indemnify Give Example. - Correct Answer ️️ -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 wh...

WFG LIFE INSURANCE QUESTIONS AND ANSWERS

WFG Life Insurance Exam Practice Questions and Answers 100% Pass 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 - Correct Answer ️️ -d) An application on which the medical infor...

WFG LIFE INSURANSE QUESTIONS AND ANSWERS

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

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...

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

WFG License Practice Questions and answers 2023