Exam (elaborations)
WEBCE test latest /115 Questions And Answers (Rated A+)
- Module
- WEBCE test latest 2023 -2024
- Institution
- WEBCE Test Latest 2023 -2024
WEBCE test latest /115 Questions And Answers (Rated A+)
[Show more]
Content preview
WEBCE test latest 2023 -2024 /115 Questions AndAnswers (Rated A+)
Quiz :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 - √Answer :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.
Quiz :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? - √Answer :a fine up
to $100 per day per violation
A producer has 30 days to respond to a written inquiry from the Department
Quiz :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 - √Answer :estoppel
Quiz :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? - √Answer :30 days
,all rate filings are subject to a 30-day waiting period before they become
effective.
Quiz :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? - √Answer :5 years
Quiz :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 - √Answer :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
Quiz :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 - √Answer :imprisonment is not a punishment for
committing an unfair method of competition
you cannot be arrested for committing an unfair method of competition
Quiz :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 - √Answer :ailing to promptly settle a claim for which
liability is uncertain is NOT an unfair claims settlement practice
Quiz :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
must notify the PA commissioner of insurance within how many days of this
hearing? - √Answer :Jeff has 30 days to notify the PA commissioner of
insurance of the disciplinary action being taken against him
Quiz :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
-offering to settle claims for less than due to encourage litigation
-raising policy defenses to reduce a claim - √Answer :failing to promptly settle a
claim for which liability is uncertain is not an unfair claims settlement practice
Quiz :Stacy is a captive agent for best rates insurance company. Her agency
contract gives her permission to print and use business cards with the
company's logo and submit applications for its policy. What type of authority
does stacy have to take these actions? - √Answer :Stacy has express authority
due to the contract between her and the insurance company specifically
allowing her act in such a way
Quiz :to boost her sales at the end of the year, agent Trudy started offering
potential clients a $250 cash gift card in exchange for purchasing a life
insurance policy. which ethical sales practice has she violated?
-twisting
-churning
-rebating
-false information - √Answer :rebating
its illegal to offer gifts in exchange for the purchase of an insurance policy
Quiz :which of the following is not a power granted to the PA commissioner of
insurance?
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller HELLENAH. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £6.93. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
76747 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy revision notes and other study material for 14 years now