Wfg - Study guides, Class notes & Summaries

If an agent fails to obtain an applicant's signature on the application, the agent must - 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? - 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 initial from the applicant, the agent should issue the applicant a - Ans...

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 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 License Practice Questions and Answers 100% Verified and Updated 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? - Correct Answer ️️ -Accelerated benefits All of the following are classified as life activities by the ADA (Americans with Disabilities Act) EXCEPT: - Correct Answer ️️ -Driving An insurer selling without a license would be guilty of which of the following? - Correct Answ...

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 participate in the plan if it is considered a "no...

WFG LIFE INSURANSE QUESTIONS AND ANSWERS

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 are eliminated -Makes a loss whole again -Source of investment funds - "Losses du...

WFG Certification Exam - Questions and Answers (Complete Solutions) An insurer enters into a contract with a third party to insure itself against losses from insurance policies it issues. What is this agreement called? Reinsurance An insurer owned by its policyholders is called a Mutual insurer AAA insurance company has transferred a portion of its loss exposure to BBB insurance company. In this reinsurance transaction, what is AAA insurance called Primary insurers Which of the following contr...

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 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...