WFG Life Insurance Exam Questions and Answers with Verified
Solutions | Latest 2026 Update
Q: Which of the following would be considered a nonmedical insurance
application?
An application that does not ask any questions about the applicant's medical
history
An application submitted with the Agent's Report
Any application for life insurance
An application on which the medical information is completed by the applicant and
the agent only -
d) An application on which the medical information is completed by the applicant
and the agent only
An application on which all of the questions, including medical history questions,
do not need to be completed by medical professionals, and may be completed by
the applicant and the agent.
Q: Which of the following statements is true regarding the cash value in a
Universal life policy?
The insurer backs the cash value with a nonguaranteed interest rate.
The insurer backs the cash value with a current interest rate.
The insurer credits the cash value in the policy with a current interest rate.
The insurer credits the cash value in the policy with a guaranteed intereste rate.
Answer:
c) The insurer credits the cash value in the policy with a current interest rate.
The insurer credits the cash value in the policy with a current (nonguaranteed)
interest rate and backs the cash value with a lower guaranteed (contract) rate of
interest.
If an insured requires an application in order to reinstate a policy, and if the insured
requests reinstatement in writing, an application must be delivered to the insured
within
7 days
10 days
0 0 15 days
, Q: 30 days
Answer:
b) 30 days
If, in order to renew or reinstate a life insurance or annuity policy, an insurer must
first receive an application, the insurer must supply this application to the insured
within 30 days, upon the insured's request.
Q: Which of the following insurers are owned by stockholders who have the
usual rights of ownership, including the right of voting?
Reciprocal
Fraternal
Stock
Mutual
Answer:
c) Stock
Only stock insurance companies are owned and controlled by stockholders.
When an employee terminates coverage under a group insurance policy, coverage
continues in force
Until the employee can obtain coverage under a new group plan.
Until the employee notifies the group insurance provider that coverage conversion
policy is issued.
For 31 days.
Q: For 60 days.
Answer:
c) For 31 days.
An employee has 31 days under the conversion privilege to convert to an
individual policy.
Q: Which of the following is the closest term to an "authorized" insurer?
Certified
Licensed
0 0 Legal
Admitted
Solutions | Latest 2026 Update
Q: Which of the following would be considered a nonmedical insurance
application?
An application that does not ask any questions about the applicant's medical
history
An application submitted with the Agent's Report
Any application for life insurance
An application on which the medical information is completed by the applicant and
the agent only -
d) An application on which the medical information is completed by the applicant
and the agent only
An application on which all of the questions, including medical history questions,
do not need to be completed by medical professionals, and may be completed by
the applicant and the agent.
Q: Which of the following statements is true regarding the cash value in a
Universal life policy?
The insurer backs the cash value with a nonguaranteed interest rate.
The insurer backs the cash value with a current interest rate.
The insurer credits the cash value in the policy with a current interest rate.
The insurer credits the cash value in the policy with a guaranteed intereste rate.
Answer:
c) The insurer credits the cash value in the policy with a current interest rate.
The insurer credits the cash value in the policy with a current (nonguaranteed)
interest rate and backs the cash value with a lower guaranteed (contract) rate of
interest.
If an insured requires an application in order to reinstate a policy, and if the insured
requests reinstatement in writing, an application must be delivered to the insured
within
7 days
10 days
0 0 15 days
, Q: 30 days
Answer:
b) 30 days
If, in order to renew or reinstate a life insurance or annuity policy, an insurer must
first receive an application, the insurer must supply this application to the insured
within 30 days, upon the insured's request.
Q: Which of the following insurers are owned by stockholders who have the
usual rights of ownership, including the right of voting?
Reciprocal
Fraternal
Stock
Mutual
Answer:
c) Stock
Only stock insurance companies are owned and controlled by stockholders.
When an employee terminates coverage under a group insurance policy, coverage
continues in force
Until the employee can obtain coverage under a new group plan.
Until the employee notifies the group insurance provider that coverage conversion
policy is issued.
For 31 days.
Q: For 60 days.
Answer:
c) For 31 days.
An employee has 31 days under the conversion privilege to convert to an
individual policy.
Q: Which of the following is the closest term to an "authorized" insurer?
Certified
Licensed
0 0 Legal
Admitted
