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WFG Exam Questions & Answers | 280 Questions with 100% Correct Answers | Latest Update | Verified
- Exam (elaborations) • 27 pages • 2024
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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 Bundle With Complete Solutions. Verified And Updated.
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WFG Exam Bundle With Complete Solutions. Verified And Updated.
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WFG Final Exam Questions With 100% Correct Answers
- Exam (elaborations) • 128 pages • 2024
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WFG Final Exam Questions With 100% 
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 - 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 ...
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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,...
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WFG License Practice Exam Questions With 100% Correct Answers
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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 ...
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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WFG Exam Study Questions And Answers (Verified And Updated)
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WFG Exam Study Questions And Answers 
(Verified And Updated) 
Speculative Risk - answerA risk in which there is a chance of either loss or gain. Never 
insurable 
Insurance - answerA contract whereby one undertakes to indemnify another against loss, 
damage, or liability arising from a contingent or unknown event. 
hazard - answer 
Accelerated benefits - answerRiders attached to life insurance policies which allow death 
benefits to be used to cover nursing or convalescent home expenses. 
Accide...
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WFG License Exam (Life, Insurance, Accident) Questions With 100% Correct Answers
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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...
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WFG EXAM Questions With 100% Correct Answers
- Exam (elaborations) • 76 pages • 2024
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d. Eight hours prior to renewal for licenses issued prior to January 1, 19 - answera. All 
licensees are required to pass a LTC knowledge exam every 10 years 
Under the Consolidated Omnibus Budget Reconciliation Act (COBRA), which of the following 
is a qualifying event? 
a. Promotion 
b. Divorce 
c. Marriage 
d. Relocation - answerb. Divorce 
Unless it is merely a statement of an expectation or a belief, a representation as to the future is 
considered which of the following? 
a. Promise 
b. Pr...
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Package deal- WFG Exams Questions with 100% Correct Answers | Latest Update | Verified
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Package deal- WFG Exams Questions with 100% Correct Answers | Latest Update | Verified
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WFG Certification Test | 330 Questions with 100% Correct Answers | Latest Update | Verified
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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 it's loss exposure to BBB insurance company. In this 
reinsurance transaction, what is AAA insurance called - Primary insurers 
Which of the following contracts is defined as "one that restores an injured party t...
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