WFG ETHICS 3-4 QUESTIONS & ANSWERS
Barbara has been dealing with anxiety and depression which has been getting more
severe and is interfering with her ability to go to work. She has group benefits which
include long-term disability coverage. Which of the following is correct for Barbara's
situation? - Answers -Her insurance may pay for therapy to assist in dealing with her
condition
Antoine has an accidental death and dismemberment policy which names his wife as
the designated beneficiary. He recently lost the use of a limb. Which of the following is
correct in regard to the payout of his policy? - Answers -Antoine will receive the benefit
payment
Which of the following is true regarding the important role of the agent for the insurance
claims process? - Answers -It is important agents ask the correct questions during the
application process in order to ensure the claim is not contestable.
Regarding the payment of insurance claims, which of the following is correct? -
Answers -Insurers may pay interest for at least some time between death and issuance
of payment
Jordan and his sister Julia are both beneficiaries on their mother Carmen's life
insurance policy. Jordan and Carmen were driving together and were both killed as a
result from a car accident. Which of the following is correct in regard to the life
insurance policy? - Answers -If Jordan was proven to have outlived Carmen his estate
would receive his share of the death benefit.
Regarding pension plan benefits, which of the following is true? - Answers -If a
pensioner dies prior to retirement, the benefit will become payable to the spouse even if
the beneficiary is someone else.
Brianna has a critical illness policy and was recently diagnosed with a life-threatening
illness that is covered. Which of the following is true in regard to Brianna's claim? -
Answers -Once Brianna's claim is paid her critical illness coverage ceases.
Samantha began employment with a new firm which offers a group disability insurance
policy and has some questions regarding this type of coverage. Which of the following is
correct? - Answers -She would be covered for an inability to work due to depression
and anxiety
Petula was travelling several years ago and has disappeared never to be heard from
again. Her husband has an insurance policy with Petula as the life insured. Which of the
following is true in regard to making an insurance claim on her policy. - Answers -After
seven years her husband can petition the court to declare Petula dead and proceed with
a claim.
, Barney has accrued assets in his workplace pension plan and pension legislation
imposes important restrictions on the transfer of these funds. Which of the following is
correct? - Answers -He may transfer the value to another employer's pension plan
Which of the following is a correct reason why an insurer may deny a life insurance
claim? - Answers -Payment of a benefit going against public policy.
Hank, who had a sizeable life insurance policy, recently passed away. When processing
the claim for his insurance, the insurer discovered there were conflicting claims from
beneficiaries. What action will the insurer most likely take? - Answers -Pay the benefit
into Court.
Peter recently passed away and his agent has submitted a claim for his whole-life policy
which had been in force for over 15 years. His agent submitted a proof of death but the
insurer has requested more information in regards to the cause of death. This is most
likely due to which of the following reasons? - Answers -The policy contained specific
exclusions for certain events
Lenny is the beneficiary of a life insurance policy for his late uncle. The insurance agent
has called Lenny to discuss payment of the benefit. Which of the following is correct? -
Answers -Lenny's options for receiving the benefit are called the "policy settlement
options".
Herb is reviewing his individual long-term disability policy. Which of the following is true
in regards to disability coverage? - Answers -
Heather recently died. Heather had a life insurance policy and the death benefit is
payable to her estate. Her estate is known as which of the following? - Answers -
Claimant
Manny passed away recently. He had designated his son, Ronny, as beneficiary of his
life insurance policy which he purchased 20 years ago. This was the beneficiary
designation on the insurer's record. A year before his death, Manny had designated his
stepdaughter, Anne, as a beneficiary of the policy in his will. The insurer paid the death
benefit to Ronny, when he made a claim, as he was the beneficiary named in the most
recent beneficiary designation they had on file. Which of the following statements is
true? - Answers -The insurer is protected as the benefit was paid according to the most
recent beneficiary designation they had on file.
Pamela is the policyholder and insured on a whole life policy for which her sister
Georgina is named as the beneficiary. Pamela recently passed away. Which of the
following in regards to the claims process is correct? - Answers -The agent will help
locate Georgina and fill out the claim form
Barbara has been dealing with anxiety and depression which has been getting more
severe and is interfering with her ability to go to work. She has group benefits which
include long-term disability coverage. Which of the following is correct for Barbara's
situation? - Answers -Her insurance may pay for therapy to assist in dealing with her
condition
Antoine has an accidental death and dismemberment policy which names his wife as
the designated beneficiary. He recently lost the use of a limb. Which of the following is
correct in regard to the payout of his policy? - Answers -Antoine will receive the benefit
payment
Which of the following is true regarding the important role of the agent for the insurance
claims process? - Answers -It is important agents ask the correct questions during the
application process in order to ensure the claim is not contestable.
Regarding the payment of insurance claims, which of the following is correct? -
Answers -Insurers may pay interest for at least some time between death and issuance
of payment
Jordan and his sister Julia are both beneficiaries on their mother Carmen's life
insurance policy. Jordan and Carmen were driving together and were both killed as a
result from a car accident. Which of the following is correct in regard to the life
insurance policy? - Answers -If Jordan was proven to have outlived Carmen his estate
would receive his share of the death benefit.
Regarding pension plan benefits, which of the following is true? - Answers -If a
pensioner dies prior to retirement, the benefit will become payable to the spouse even if
the beneficiary is someone else.
Brianna has a critical illness policy and was recently diagnosed with a life-threatening
illness that is covered. Which of the following is true in regard to Brianna's claim? -
Answers -Once Brianna's claim is paid her critical illness coverage ceases.
Samantha began employment with a new firm which offers a group disability insurance
policy and has some questions regarding this type of coverage. Which of the following is
correct? - Answers -She would be covered for an inability to work due to depression
and anxiety
Petula was travelling several years ago and has disappeared never to be heard from
again. Her husband has an insurance policy with Petula as the life insured. Which of the
following is true in regard to making an insurance claim on her policy. - Answers -After
seven years her husband can petition the court to declare Petula dead and proceed with
a claim.
, Barney has accrued assets in his workplace pension plan and pension legislation
imposes important restrictions on the transfer of these funds. Which of the following is
correct? - Answers -He may transfer the value to another employer's pension plan
Which of the following is a correct reason why an insurer may deny a life insurance
claim? - Answers -Payment of a benefit going against public policy.
Hank, who had a sizeable life insurance policy, recently passed away. When processing
the claim for his insurance, the insurer discovered there were conflicting claims from
beneficiaries. What action will the insurer most likely take? - Answers -Pay the benefit
into Court.
Peter recently passed away and his agent has submitted a claim for his whole-life policy
which had been in force for over 15 years. His agent submitted a proof of death but the
insurer has requested more information in regards to the cause of death. This is most
likely due to which of the following reasons? - Answers -The policy contained specific
exclusions for certain events
Lenny is the beneficiary of a life insurance policy for his late uncle. The insurance agent
has called Lenny to discuss payment of the benefit. Which of the following is correct? -
Answers -Lenny's options for receiving the benefit are called the "policy settlement
options".
Herb is reviewing his individual long-term disability policy. Which of the following is true
in regards to disability coverage? - Answers -
Heather recently died. Heather had a life insurance policy and the death benefit is
payable to her estate. Her estate is known as which of the following? - Answers -
Claimant
Manny passed away recently. He had designated his son, Ronny, as beneficiary of his
life insurance policy which he purchased 20 years ago. This was the beneficiary
designation on the insurer's record. A year before his death, Manny had designated his
stepdaughter, Anne, as a beneficiary of the policy in his will. The insurer paid the death
benefit to Ronny, when he made a claim, as he was the beneficiary named in the most
recent beneficiary designation they had on file. Which of the following statements is
true? - Answers -The insurer is protected as the benefit was paid according to the most
recent beneficiary designation they had on file.
Pamela is the policyholder and insured on a whole life policy for which her sister
Georgina is named as the beneficiary. Pamela recently passed away. Which of the
following in regards to the claims process is correct? - Answers -The agent will help
locate Georgina and fill out the claim form
