Exam (elaborations)

Webce Test Exam Questions and Answers 100% Solved | Rated A+

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Webce Test Exam Questions and Answers 100% Solved | Rated A+ 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...

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Uploaded on October 25, 2024
Number of pages 46
Written in 2024/2025
Type Exam (elaborations)
Contains Questions & answers

webce

Institution WebCE
Course WebCE

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Webce Test Exam Questions and

Answers 100% Solved | Rated A+

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

,©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
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?

-estoppel

-utmost good faith

-reasonable expectations

-waiver - ✔✔estoppel

BBC insurers filed premium rates for its new line of variable products on

January 15. Within how many days must the commissioner approve or

disapprove the rates? - ✔✔30 days

,©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
all rate filings are subject to a 30-day waiting period before they become

effective.

The commissioner of insurance can examine the business accounts,

transactions, and records of insurers and producers as often as necessary,

but must do so at least once in how many years? - ✔✔5 years

Acme Insurance and Apogee insurance agree to offer different premium

rates for persons of equal risk within a particular class. They also agree to

limit benefits paid to insureds within this class if the insureds live within

certain counties of PA. What are Acme and Apogee engaging in?

-acceptable marketing and underwriting practices

-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?

, ©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.

-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

-appealing from an arbitration award in favor of an insured to compel the

insured to accept a lower settlement

-failing to affirm or deny coverage within a reasonable time after completing

a claim investigation - ✔✔ailing to promptly settle a claim for which liability

is uncertain is NOT an unfair claims settlement practice

Jeff is a licensed insurance producer in both PA and NY. he is charged with

embezzlement in NY, and his first pretrial hearing is set for March 1. He

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