WFG Exam Questions with 100% Correct Answers Latest Graded
A+
Question:
What is the purpose of the buyer's guide?
Answer:
@To allow the consumer to compare the costs of different policies.
Question:
Which of the following is NOT true regarding policy loans?
Answer:
@Money borrowed from the cash value is taxable.
Question:
Your client wants both protection and savings from the insurance, and is willing to pay premiums
until retirement at age 65. What would be the right policy for this client?
Answer:
@Limited pay whole life
Question:
Which of the following statements about a suicide clause in a life insurance policy is TRUE?
Answer:
@Suicide is excluded for a specific period of years and covered thereafter.
Question:
In insurance, an offer is usually made when
Answer:
@An applicant submits an application to the insurer.
Question:
All of the following are characteristics of group life insurance EXCEPT
Answer:
,@Premiums are determined by the age, sex and occupation of each individual certificate holder.
Question:
Which of the following statements is TRUE concerning irrevocable beneficiaries?
Answer:
@They can be changed only with the written consent of that beneficiary.
Question:
An insurer that holds a Certificate of Authority in the state in which it transacts business is
considered a/an
Answer:
@Authorized insurer
Question:
Which nonforfeiture option provides coverage for the longest period of time?
Answer:
@Reduced Paid-Up
Question:
Which of the following settlement options in life insurance is known as straight life?
Answer:
@Life income
Question:
In a case where the primary beneficiary predeceases the insured, in the event of the insured's death,
the death benefit proceeds will be paid to
Answer:
@The contingent beneficiary
Question:
Which of the following is another term for the accumulation period of an annuity?
Answer:
@Pay-in period
, Question:
Under an extended term nonforfeiture option, the policy cash value is converted to
Answer:
@The same face amount as in the whole life policy
Question:
All of the following are TRUE regarding the convertibility option under a term life insurance
policy EXCEPT
Answer:
@Upon conversion, the death benefit of the permanent policy will be reduced by 50%
Question:
Which two terms are associated directly with the way an annuity is funded?
Answer:
@Single payment or periodic payments
Question:
The Illinois Life and Health Insurance Guaranty Association is obligated to pay covered claims
only if under the amount of
Answer:
@300,000
Question:
What must an insurer present to a prospective policy purchaser before the initial premium paid?
Answer:
@Buyer's Guide
Question:
What are the general duties of the Director of Insurance?
Answer:
@1. Make rules to implement the insurance code 2. Conduct investigations 3. Enforce Illinois
insurance laws
A+
Question:
What is the purpose of the buyer's guide?
Answer:
@To allow the consumer to compare the costs of different policies.
Question:
Which of the following is NOT true regarding policy loans?
Answer:
@Money borrowed from the cash value is taxable.
Question:
Your client wants both protection and savings from the insurance, and is willing to pay premiums
until retirement at age 65. What would be the right policy for this client?
Answer:
@Limited pay whole life
Question:
Which of the following statements about a suicide clause in a life insurance policy is TRUE?
Answer:
@Suicide is excluded for a specific period of years and covered thereafter.
Question:
In insurance, an offer is usually made when
Answer:
@An applicant submits an application to the insurer.
Question:
All of the following are characteristics of group life insurance EXCEPT
Answer:
,@Premiums are determined by the age, sex and occupation of each individual certificate holder.
Question:
Which of the following statements is TRUE concerning irrevocable beneficiaries?
Answer:
@They can be changed only with the written consent of that beneficiary.
Question:
An insurer that holds a Certificate of Authority in the state in which it transacts business is
considered a/an
Answer:
@Authorized insurer
Question:
Which nonforfeiture option provides coverage for the longest period of time?
Answer:
@Reduced Paid-Up
Question:
Which of the following settlement options in life insurance is known as straight life?
Answer:
@Life income
Question:
In a case where the primary beneficiary predeceases the insured, in the event of the insured's death,
the death benefit proceeds will be paid to
Answer:
@The contingent beneficiary
Question:
Which of the following is another term for the accumulation period of an annuity?
Answer:
@Pay-in period
, Question:
Under an extended term nonforfeiture option, the policy cash value is converted to
Answer:
@The same face amount as in the whole life policy
Question:
All of the following are TRUE regarding the convertibility option under a term life insurance
policy EXCEPT
Answer:
@Upon conversion, the death benefit of the permanent policy will be reduced by 50%
Question:
Which two terms are associated directly with the way an annuity is funded?
Answer:
@Single payment or periodic payments
Question:
The Illinois Life and Health Insurance Guaranty Association is obligated to pay covered claims
only if under the amount of
Answer:
@300,000
Question:
What must an insurer present to a prospective policy purchaser before the initial premium paid?
Answer:
@Buyer's Guide
Question:
What are the general duties of the Director of Insurance?
Answer:
@1. Make rules to implement the insurance code 2. Conduct investigations 3. Enforce Illinois
insurance laws
