WFG PRACTICE QUESTIONS AND ANSWERS
What includes information regarding a person's credit, character, reputation, and habits?-
Answers - Consumer Report
1. Insurance Policies are not drawn up through negotiations, and an insured has
little to say about its provisions. What contract characteristic does this describe?-
Answers - Adhesion
2. Upon policy delivery, the producer may be required to obtain any of the
following except
A. Signed waiver of premium
B. Statement of good health
C. Payment of Premium
D. Delivery receipt- Answers - A. Signed waiver of premium
The policy does not go into ettect until the premium has been collected.
3. What is the purpose of a conditional receipt?
A. It is given only to applicants who fully prepay the premium.
B. It is intended to provide coverage on a date prior to the policy issue.
C. It guarantees that a policy will be issued in the amount applied for.
D. It serves as proof that the applicant has been determined insurable.- Answers -
B. It is intended to provide coverage on a date prior to the policy issue
Coverage commences on the date of the application or the date of a medical examination, whichever is later, on the
condition that the applicant is determined to be insurable at the rate applied for
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, 4. In forming an insurance contract, when does acceptance usually occur?- Answers -
When
an insurer's underwriter approves coverage
In insurance, the otter is usually made by the applicant in the form of an application. Acceptance takes place when an
insurer's underwriter approves the application and issues a policy
5. An underwriter may obtain information on an applicant's hobbies, financial status,
and habits by ordering an- Answers - Inspection Report
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What includes information regarding a person's credit, character, reputation, and habits?-
Answers - Consumer Report
1. Insurance Policies are not drawn up through negotiations, and an insured has
little to say about its provisions. What contract characteristic does this describe?-
Answers - Adhesion
2. Upon policy delivery, the producer may be required to obtain any of the
following except
A. Signed waiver of premium
B. Statement of good health
C. Payment of Premium
D. Delivery receipt- Answers - A. Signed waiver of premium
The policy does not go into ettect until the premium has been collected.
3. What is the purpose of a conditional receipt?
A. It is given only to applicants who fully prepay the premium.
B. It is intended to provide coverage on a date prior to the policy issue.
C. It guarantees that a policy will be issued in the amount applied for.
D. It serves as proof that the applicant has been determined insurable.- Answers -
B. It is intended to provide coverage on a date prior to the policy issue
Coverage commences on the date of the application or the date of a medical examination, whichever is later, on the
condition that the applicant is determined to be insurable at the rate applied for
1/
13
, 4. In forming an insurance contract, when does acceptance usually occur?- Answers -
When
an insurer's underwriter approves coverage
In insurance, the otter is usually made by the applicant in the form of an application. Acceptance takes place when an
insurer's underwriter approves the application and issues a policy
5. An underwriter may obtain information on an applicant's hobbies, financial status,
and habits by ordering an- Answers - Inspection Report
2/
13
