webce insurance exam Questions and Correct Answers the Latest Update and Recommended Version
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Module
Webce insurance
Institution
Webce Insurance
which of the following situations presents a situation of pure risk?
-knowing that his family is depending on him, Frank wants to insure his life
-wanting to increase his retirement savings, Saul invests his life savings in the stock market
-Ralph takes a second mortgage on his house and uses th...
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webce test Questions and Correct
Answers the Latest Update and
Recommended Version
which of the following situations presents a situation of pure risk?
-knowing that his family is depending on him, Frank wants to insure his life
-wanting to increase his retirement savings, Saul invests his life savings in the stock market
-Ralph takes a second mortgage on his house and uses the proceeds to gamble
-wanting better job security, Ron cashes in his life insurance to start his own business
✓ knowing that his family is depending on him, Frank wants to insure his own life
✓
✓ only pure risk is insurable. Pure risk may only result in a loss, unlike speculative risk which
may result in a gain.
Agent Jill received a letter from the Department of insurance asking her to submit verification
of having completed the continued education requirements for the previous licensing period.
Three weeks later, the department sent another letter. Which penalty may the Department
impose if Jill has still not responded to their request a month later?
✓ a fine up to $100 per day per violation
✓
✓ A producer has 30 days to respond to a written inquiry from the Department
Jim's policy expired due to nonpayment of premium. His agent sends him a statement the
following month without notice of the lapse. If Jim pays the premium and later suffers a loss
for which he files a claim, what will prevent the insurer from denying the claim?
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-unfair and prohibited business practices
-insurance fraud
-false advertising
✓ they are engaging in unfair and prohibited business practices
✓
✓ they are agreeing to unreasonable restraint of trade in insurance business, and they are
engaging in unfair discrimination
which of the following is NOT a remedy available to the PA commissioner of insurance for
committing an unfair method of competition?
-imprisonment
-cease and desist order
-suspension of license
-revocation of license
✓ imprisonment is not a punishment for committing an unfair method of competition
✓
✓ you cannot be arrested for committing an unfair method of competition
which of the following is NOT an unfair claims settlement practice if committed by an insurance
company in PA?
-failing to promptly acknowledge communications about claims
-failing to promptly settle a claim for which liability is uncertain
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