Wfg life insurance exam - Study guides, Class notes & Summaries
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WFG Final Exam | 370 Questions with 100% Correct Answers | Latest Update | Verified
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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...
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WFG Exam Questions & Answers | 280 Questions with 100% Correct Answers | Latest Update | Verified
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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...
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WFG License Exam (Life, Insurance, Accident) Questions and Answers 100% Pass
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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the only time it can be withdrawn is before the insurance is in effect (usually 5-8 weeks 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...
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WFG License Exam (Life, Insurance, Accident) with Questions Solved 100% with Correct Answers
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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...
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WFG Exam Questions With 100% Correct Answers
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WFG Exam Questions With 100% 
Correct Answers 
If an agent fails to obtain an applicant's signature on the application, the agent must - 
answerReturn the application to the applicant for a signature 
Why should the producer deliver the policy when the first premium has already been paid? - 
answerTo 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,...
Too much month left at the end of the money?
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License Test (WFG) Exam Questions And Answers (Verified And Updated)
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License Test (WFG) Exam Questions And 
Answers (Verified And Updated) 
A policy shall specify all of the following except - answerThe financial rating of the insurer 
The chance of loss without any possibility for gain is known as - answerPure risk 
The entire contract provision on a life insurance policy states - answerThe entire contract 
includes the policy and the application, if attached 
Insurable interest must exist: - answerat the time of the application 
All of the following would be co...
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CA Health and Life insurance Exam WFG Study Guide Complete Solution 2023
- Exam (elaborations) • 17 pages • 2023
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What is meant by referring to an insurance policy as a uliteral 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 times 
Any situation that presents the possibility of a loss is known as... - A loss exposure 
Which of the following information is not required to be communicated with a life 
insurance contract? - Personal judgment 
Directed ration of insurance util...
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WFG FINAL EXAM COMPILED QUESTIONS WITH ACTUAL SOLUTIONS 100% CORRECT!!
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WFG FINAL EXAM COMPILED QUESTIONS WITH ACTUAL SOLUTIONS 100% CORRECT!!
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WFG EXAM LICENSING EXAM TEST QUESTIONS & ANSWERS SOLVED 100% CORRECT!!
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WFG EXAM LICENSING EXAM TEST QUESTIONS & ANSWERS SOLVED 100% CORRECT!!
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WFG Exam Prep Questions | 100 Questions with 100% Correct Answers | Latest Update | Verified
- Exam (elaborations) • 10 pages • 2023
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WFG Exam Prep Questions | 100 Questions with 100% Correct Answers | Latest Update | Verified 
If an agent fails to obtain an applicant's signature on the application, the agent must - Return the application to the applicant for a signature 
Why should the producer deliver the policy when the first premium has already been paid? - 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...
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