Wfg License Exam (Life, Insurance, Accident) Exam Of Business(Graded A+) With 100% Guaranteed Solutions

WFG License Exam (Life, Insurance, Accident) Exam Of Business(Graded A+) With 100% Guaranteed Solutions insurance contract whereby one undertakes to idemnify [restore before loss] another against loss, damage, liability from contingency [unknown/ unplanned events] indemnify Give Example. restore person to some financial position before loss has occurred to make someone whole EX: =f someone passes, that lost of income is covered by life insurance (percentage of what is covered depends on plan of insurance purchased before incident) contingency unknown/ unplanned events what does insurance protect against before loss is done? loss damage liability from unplanned/ unknown events insurable interest necessary for insurance to be LEGAL, insurance is voided without policy owner must have insurable =NTEREST at time of application can NOT be FORCED or insurance will be voided representationstatements made by a person on an application for life insurance that are believed to be true to the best of one's knowledge the only time it can be withdrawn is before the insurance is in effect (usually 5-8 weeks AFTER signing) NOT warranty :ow long does policy owner have to withdraw any representation made on application of life insurance? 5-8 weeks AFTER signing utmost good faith principle mutual agreement each party