WEBCE FINAL EXAM LATEST 2024 REAL EXAM 100 QUESTIONS AND
ANSWERS WITH RATIONALES(VERIFIED ANSWERS)
Study online at https://quizlet.com/_fxb0l9
1. which of the following situations presents a situation knowing that his
of pure risk? family is depend-
ing on him, Frank
-knowing that his family is depending on him, Frank wants to insure his
wants to insure his life own life
-wanting to increase his retirement savings, Saul in-
vests his life savings in the stock market only pure risk
-Ralph takes a second mortgage on his house and is insurable. Pure
uses the proceeds to gamble risk may only re-
-wanting better job security, Ron cashes in his life sult in a loss,
insurance to start his own business unlike speculative
risk which may re-
sult in a gain.
2. Agent Jill received a letter from the Department of a fine up to $100
insurance asking her to submit verification of having per day per viola-
completed the continued education requirements for tion
the previous licensing period. Three weeks later, the
department sent another letter. Which penalty may A producer has 30
the Department impose if Jill has still not responded days to respond
to their request a month later? to a written inquiry
from the Depart-
ment
3. Jim's policy expired due to nonpayment of premium. estoppel
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
4. BBC insurers filed premium rates for its new line of 30 days
variable products on January 15. Within how many
days must the commissioner approve or disapprove all rate filings
the rates? are subject to a
, WEBCE FINAL EXAM LATEST 2024 REAL EXAM 100 QUESTIONS AND
ANSWERS WITH RATIONALES(VERIFIED ANSWERS)
Study online at https://quizlet.com/_fxb0l9
30-day waiting pe-
riod before they
become effective.
5. The commissioner of insurance can examine the 5 years
business accounts, transactions, and records of in-
surers and producers as often as necessary, but must
do so at least once in how many years?
6. Acme Insurance and Apogee insurance agree to offer they are engaging
different premium rates for persons of equal risk with- in unfair and pro-
in a particular class. They also agree to limit benefits hibited business
paid to insureds within this class if the insureds live practices
within certain counties of PA. What are Acme and
Apogee engaging in? they are agree-
ing to unreason-
-acceptable marketing and underwriting practices able restraint of
-unfair and prohibited business practices trade in insurance
-insurance fraud business, and they
-false advertising are engaging in
unfair discrimina-
tion
7. which of the following is NOT a remedy available to imprisonment is
the PA commissioner of insurance for committing an not a punishment
unfair method of competition? for committing an
unfair method of
-imprisonment competition
-cease and desist order
-suspension of license you cannot be ar-
-revocation of license rested for com-
mitting an unfair
method of compe-
tition
8. which of the following is NOT an unfair claims settle- ailing to prompt-
ment practice if committed by an insurance company ly settle a claim
in PA? for which liabil-
ity is uncertain
, WEBCE FINAL EXAM LATEST 2024 REAL EXAM 100 QUESTIONS AND
ANSWERS WITH RATIONALES(VERIFIED ANSWERS)
Study online at https://quizlet.com/_fxb0l9
-failing to promptly acknowledge communications is NOT an unfair
about claims claims settlement
-failing to promptly settle a claim for which liability is practice
uncertain
-appealing from an arbitration award in favor of an
insured to compel the insured to accept a lower set-
tlement
-failing to affirm or deny coverage within a reasonable
time after completing a claim investigation
9. Jeff is a licensed insurance producer in both PA and Jeff has 30 days to
NY. he is charged with embezzlement in NY, and his notify the PA com-
first pretrial hearing is set for March 1. He must notify missioner of insur-
the PA commissioner of insurance within how many ance of the disci-
days of this hearing? plinary action be-
ing taken against
him
10. which of the following is NOT an unfair claims settle- failing to prompt-
ment practice if committed by an insurance company ly settle a claim
in PA? for which liability is
uncertain is not an
-failing to promptly acknowledge communications unfair claims set-
about claims tlement practice
-failing to promptly settle a claim for which liability is
uncertain
-offering to settle claims for less than due to encour-
age litigation
-raising policy defenses to reduce a claim
11. Stacy is a captive agent for best rates insurance Stacy has express
company. Her agency contract gives her permission authority due to
to print and use business cards with the company's the contract be-
logo and submit applications for its policy. What type tween her and the
of authority does stacy have to take these actions? insurance compa-
ny specifically al-
lowing her act in
such a way
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