License wfg - Study guides, Class notes & Summaries

License Test (WFG) 100% Correct Solved A policy shall specify all of the following except - Correct Answer ️️ -The financial rating of the insurer The chance of loss without any possibility for gain is known as - Correct Answer ️️ - Pure risk The entire contract provision on a life insurance policy states - Correct Answer ️️ -The entire contract includes the policy and the application, if attached Insurable interest must exist: - Correct Answer ️️ -at the time of the appli...

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?

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...

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an application for life insurance that are believed to be true to the best of one's knowledge the only time it can be withdrawn is before the insurance is in effect (usually 5-8 weeks AFTER signing) NOT warranty How long does policy owner have to withdraw any representation made on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

WFG License Practice Exam Questions With 100% Correct Answers 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? - answerAccelerated benefits All of the following are classified as life activities by the ADA (Americans with Disabilities Act) EXCEPT: - answerDriving An insurer selling without a license would be guilty of which of the following? - answerA misdemeanor The enrollee pays what percentag...

WFG EXAM QUESTIONS AND ANSWERS 100% PASS 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 participa...

gible to hold a license for all of the following reasons EXCEPT: - answerTermination of a key employee Agents should act in a fiduciary duty on their client's behalf. Which of the following best describes this duty? - answerQuickly sending a premium to the home office on behalf of the insured A beneficiary which can be changed by the insured without his or her consent is a: - answerRevocable beneficiary In regards to Medicare Supplements, which of the following is true? - answerInsurers ...

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...