Wfg - Study guides, Class notes & Summaries

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 communicated in a Life insurance contract? - Personal judgement the direct distribution of insura...

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WFG EXAM 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 - Answer-"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 - Answ...

Speculative Risk - Answer-A risk in which there is a chance of either loss or gain. Never insurable Insurance - Answer-A contract whereby one undertakes to indemnify another against loss, damage, or liability arising from a contingent or unknown event. hazard - AnswerAccelerated benefits - Answer-Riders attached to life insurance policies which allow death benefits to be used to cover nursing or convalescent home expenses. Accident - Answer-An unplanned ned, unforeseen event which occurs su...

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 Final UPDATED Actual Exam Questions and CORRECT 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 - CORRECT ANSWER- "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?

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