WFG life insurance MOCK Exam Questions and Answers with
Verified Solutions | Latest 2026 Update
Amy and Jennifer recently adopted their son, Marcus. They set up life insurance
policies several years ago when they moved in together. They know that with the
new addition to their family they might need to make some changes to their
coverage and are meeting with their advisor.
Marcus is two years old and a very active child. They would like to ensure there
will be enough money to fund ongoing participation in a sporting activity, funds
for Marcus' university experience, as well as living expenses until age 20. Their
current liabilities are a mortgage of $175,000, a student loan of $23,000 and credit
card debt of $14,500.
Q: Amy and Jennifer purchased a whole life insurance policy of $100,000 each:
$30,000 to cover their funeral expenses and $70,000 for each other. They also
have a joint term-20 life insurance policy to cover their temporary liabilities
like their mortgage, student loans, and credit card debt. Their
Answer:
Amy and Jennifer current coverage will be more than enough to cover their
liabilities as well as the new need to provide for Marcus. Their liabilities have
decreased since their first took out their coverage and so they will not need any
more.
Alex applies for life insurance on the life of his spouse, with the help of his agent,
Heather. He wants to receive the death benefit if she dies. However, if Alex and
Lily were to die simultaneously, he wants his children, Cindy and Frank, to receive
the death benefit. In case of his own death, he wants the ownership of the policy to
be transferred to Lily and the death benefit to be payable to his children.
Q: Who will be the contingent beneficiary on this policy?
Answer:
Cindy and Frank
, Araq is meeting with an agent to set up life insurance for himself. He wants the
insurance to go to his parents so that they will be taken care of if he passes away.
Since they moved here from Sudbury, his parents have been completely dependent
on him. Araq also has two children from his previous relationship. His children
live with his old partner, Sadik, and he only sees them on weekends. Sadik runs an
in-home daycare for their children and a few others in the neighbourhood. She is
able to fully sustain himself and their children without any financial support from
Araq.
Q: What must Araq include in his life insurance policy
Answer:
Araq must name his parents as the beneficiaries, and if he would like to provide
support from his insurance policy, he will need to inform his parents.
Scott and Devin co-own the chocolate company, Candy 4 Us. They decide to
purchase criss-cross whole life policies to insure their interests in the company.
Which of the following statements is accurate? -
Scott owns and controls the policy insuring Devin's life.
Diane has a $300,000 universal life (UL) policy with a level death benefit plus
account value. Three months ago, when Diane's cash value was $100,000, she
withdrew $50,000 to pay for major renovations to her house. Yesterday, she died
in an accident.
Q: Assuming that the net return on the investments over the last three months is
2%, that Diane has not paid any premiums since her withdrawal, and that the
annual insurance cost and policy expenses were due to be deducted next
month, how much will her beneficiaries receive from her policy?
Answer:
$351,000
Philip is considering buying a universal life (UL) policy but is debating whether he
should take out the level death benefit or the level death benefit plus account value
option.
Q: Which of the following statements about the differences between these two
options are true?
Verified Solutions | Latest 2026 Update
Amy and Jennifer recently adopted their son, Marcus. They set up life insurance
policies several years ago when they moved in together. They know that with the
new addition to their family they might need to make some changes to their
coverage and are meeting with their advisor.
Marcus is two years old and a very active child. They would like to ensure there
will be enough money to fund ongoing participation in a sporting activity, funds
for Marcus' university experience, as well as living expenses until age 20. Their
current liabilities are a mortgage of $175,000, a student loan of $23,000 and credit
card debt of $14,500.
Q: Amy and Jennifer purchased a whole life insurance policy of $100,000 each:
$30,000 to cover their funeral expenses and $70,000 for each other. They also
have a joint term-20 life insurance policy to cover their temporary liabilities
like their mortgage, student loans, and credit card debt. Their
Answer:
Amy and Jennifer current coverage will be more than enough to cover their
liabilities as well as the new need to provide for Marcus. Their liabilities have
decreased since their first took out their coverage and so they will not need any
more.
Alex applies for life insurance on the life of his spouse, with the help of his agent,
Heather. He wants to receive the death benefit if she dies. However, if Alex and
Lily were to die simultaneously, he wants his children, Cindy and Frank, to receive
the death benefit. In case of his own death, he wants the ownership of the policy to
be transferred to Lily and the death benefit to be payable to his children.
Q: Who will be the contingent beneficiary on this policy?
Answer:
Cindy and Frank
, Araq is meeting with an agent to set up life insurance for himself. He wants the
insurance to go to his parents so that they will be taken care of if he passes away.
Since they moved here from Sudbury, his parents have been completely dependent
on him. Araq also has two children from his previous relationship. His children
live with his old partner, Sadik, and he only sees them on weekends. Sadik runs an
in-home daycare for their children and a few others in the neighbourhood. She is
able to fully sustain himself and their children without any financial support from
Araq.
Q: What must Araq include in his life insurance policy
Answer:
Araq must name his parents as the beneficiaries, and if he would like to provide
support from his insurance policy, he will need to inform his parents.
Scott and Devin co-own the chocolate company, Candy 4 Us. They decide to
purchase criss-cross whole life policies to insure their interests in the company.
Which of the following statements is accurate? -
Scott owns and controls the policy insuring Devin's life.
Diane has a $300,000 universal life (UL) policy with a level death benefit plus
account value. Three months ago, when Diane's cash value was $100,000, she
withdrew $50,000 to pay for major renovations to her house. Yesterday, she died
in an accident.
Q: Assuming that the net return on the investments over the last three months is
2%, that Diane has not paid any premiums since her withdrawal, and that the
annual insurance cost and policy expenses were due to be deducted next
month, how much will her beneficiaries receive from her policy?
Answer:
$351,000
Philip is considering buying a universal life (UL) policy but is debating whether he
should take out the level death benefit or the level death benefit plus account value
option.
Q: Which of the following statements about the differences between these two
options are true?
