WFG life insurance mock Exam Questions and Answers with
Verified Solutions | Latest 2026 Update
Q: Karl and Marie are happily married and have a daugh -
Haley is reviewing life insurance proposals from four different insurance
companies. The life insurance policy features are similar, but the waiver of
premium benefit from each company is different. Haley knows that if she were to
become disabled, she could manage to cover four months of premiums, but no
more.
Q: Considering she is looking for the least expensive coverage to meet her needs,
which company should Haley select for her coverage?
Company A: Waiver of premium benefit with a waiting period of 180 days
Company B: Retroactive waiver of premium benefit with a waiting period of 120
days
Company C: Waiver of premium benefit with a waiting period of 90 days
Company D: Waiver of premium benefit with a waiting period of 120 days -
Farah is reading the group insurance details provided by her new employer,
CaterForYou. She wants to be properly informed about the benefits and rules of
the group plan.
Q: Which statement from the company's plan is accurate?
Answer:
Upon termination of employment, an employee can convert his or her group life to
an individual product.
Carole and Arnold are analyzing their life insurance needs with their life insurance
agent. They want to ensure that they have sufficient coverage, but do not want to
buy more than what is necessary. Over the
years, they have accumulated investment assets and fixed assets that they would
like to leave to their kids. Carole has group life insurance coverage for the family
with her employer. She expects to work there until she retires in 15 years.
In their analysis, which resource available upon death should not be taken into
consideration? -
Workers' Compensation benefits
, Kevin and Sandra, aged 35 and 36, are married and have an 8-year-old son, Riley.
In planning for life insurance, the couple indicates that they want to ensure their
family maintains their current lifestyle until they retire in 30 years. Kevin and
Sandra have a mortgage on their home and a line of credit they sometimes use to
help with major purchases. If Kevin or Sandra were to die unexpectedly, they want
their debts to be repaid and want to leave enough money to cover Riley's
post-secondary education. The couple also wants enough insurance to cover their
final expenses and create an estate for their son and his future family.
Among Kevin and Sandra's needs and goals, which ones can be addressed with
term insurance? -
Repayment of their debts, income replacement and Riley's post-secondary
education
Karl and Marie are happily married and have a daughter, Sally. Many years ago,
Karl was married to Maggie. After Maggie and Karl divorced, they did not keep in
touch since they did not have any children together.
Karl owns a policy on his own life which was issued on December 3, 1982. He
also owns the following life insurance policies which were all issued after he took
out the policy on his own life:
Marie's life with no CSV
Sally's life with a CSV of $23,000 Maggie's life with a CSV of $10,000
Karl is not in good health and is trying to make decisions about his life insurance
policies. He may need to dispose of a policy to repay medical bills and transfer
policies so that he is not the policyholder.
Before making any changes, Karl wants to make sure that he is minimizing the tax
implications.
Q: Which of the following tax considerations should Karl keep in mind when
making changes?
Answer:
Karl is able to roll over Sally's life insurance policy to Marie. Marie will have a
policy gain of $0 even though she paid him a consideration for the policy.
Verified Solutions | Latest 2026 Update
Q: Karl and Marie are happily married and have a daugh -
Haley is reviewing life insurance proposals from four different insurance
companies. The life insurance policy features are similar, but the waiver of
premium benefit from each company is different. Haley knows that if she were to
become disabled, she could manage to cover four months of premiums, but no
more.
Q: Considering she is looking for the least expensive coverage to meet her needs,
which company should Haley select for her coverage?
Company A: Waiver of premium benefit with a waiting period of 180 days
Company B: Retroactive waiver of premium benefit with a waiting period of 120
days
Company C: Waiver of premium benefit with a waiting period of 90 days
Company D: Waiver of premium benefit with a waiting period of 120 days -
Farah is reading the group insurance details provided by her new employer,
CaterForYou. She wants to be properly informed about the benefits and rules of
the group plan.
Q: Which statement from the company's plan is accurate?
Answer:
Upon termination of employment, an employee can convert his or her group life to
an individual product.
Carole and Arnold are analyzing their life insurance needs with their life insurance
agent. They want to ensure that they have sufficient coverage, but do not want to
buy more than what is necessary. Over the
years, they have accumulated investment assets and fixed assets that they would
like to leave to their kids. Carole has group life insurance coverage for the family
with her employer. She expects to work there until she retires in 15 years.
In their analysis, which resource available upon death should not be taken into
consideration? -
Workers' Compensation benefits
, Kevin and Sandra, aged 35 and 36, are married and have an 8-year-old son, Riley.
In planning for life insurance, the couple indicates that they want to ensure their
family maintains their current lifestyle until they retire in 30 years. Kevin and
Sandra have a mortgage on their home and a line of credit they sometimes use to
help with major purchases. If Kevin or Sandra were to die unexpectedly, they want
their debts to be repaid and want to leave enough money to cover Riley's
post-secondary education. The couple also wants enough insurance to cover their
final expenses and create an estate for their son and his future family.
Among Kevin and Sandra's needs and goals, which ones can be addressed with
term insurance? -
Repayment of their debts, income replacement and Riley's post-secondary
education
Karl and Marie are happily married and have a daughter, Sally. Many years ago,
Karl was married to Maggie. After Maggie and Karl divorced, they did not keep in
touch since they did not have any children together.
Karl owns a policy on his own life which was issued on December 3, 1982. He
also owns the following life insurance policies which were all issued after he took
out the policy on his own life:
Marie's life with no CSV
Sally's life with a CSV of $23,000 Maggie's life with a CSV of $10,000
Karl is not in good health and is trying to make decisions about his life insurance
policies. He may need to dispose of a policy to repay medical bills and transfer
policies so that he is not the policyholder.
Before making any changes, Karl wants to make sure that he is minimizing the tax
implications.
Q: Which of the following tax considerations should Karl keep in mind when
making changes?
Answer:
Karl is able to roll over Sally's life insurance policy to Marie. Marie will have a
policy gain of $0 even though she paid him a consideration for the policy.
