ne
tz
sh
ne
la
tz
Webce Test Questions Exam With 100%
sh
Sp
Correct Answers 2023 GRADED A ne
la
tz
sh
Sp
ne
la
tz
sh
Sp
ne
la
tz
sh
which of the following situations presents a situation of pure risk?
Sp
ne
-knowing that his family is depending on him, Frank wants to insure his life
la
-wanting to increase his retirement savings, Saul invests his life savings in the stock
tz
sh
market
Sp
-Ralph takes a second mortgage on his house and uses the proceeds to gamble
ne
-wanting better job security, Ron cashes in his life insurance to start his own business -
la
Correct Answer-knowing that his family is depending on him, Frank wants to insure his
tz
sh
own life
Sp
ne
only pure risk is insurable. Pure risk may only result in a loss, unlike speculative risk
la
which may result in a gain.
tz
sh
Sp
Agent Jill received a letter from the Department of insurance asking her to submit
ne
verification of having completed the continued education requirements for the previous
la
licensing period. Three weeks later, the department sent another letter. Which penalty
tz
may the Department impose if Jill has still not responded to their request a month later?
sh
Sp
- Correct Answer-a fine up to $100 per day per violation
ne
la
A producer has 30 days to respond to a written inquiry from the Department
tz
sh
Sp
Jim's policy expired due to nonpayment of premium. His agent sends him a statement
ne
the following month without notice of the lapse. If Jim pays the premium and later
la
suffers a loss for which he files a claim, what will prevent the insurer from denying the
tz
claim?
sh
Sp
ne
-estoppel
la
-utmost good faith
tz
-reasonable expectations
sh
Sp
-waiver - Correct Answer-estoppel
ne
la
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? -
sh
Sp
Correct Answer-30 days
all rate filings are subject to a 30-day waiting period before they become effective.
la
Sp
, ne
tz
sh
ne
la
The commissioner of insurance can examine the business accounts, transactions, and
tz
records of insurers and producers as often as necessary, but must do so at least once
sh
Sp
in how many years? - Correct Answer-5 years
ne
la
tz
sh
Sp
ne
la
tz
sh
Sp
ne
la
tz
sh
Sp
ne
la
tz
sh
Sp
ne
la
tz
sh
Sp
ne
la
tz
sh
Sp
ne
la
tz
sh
Sp
ne
la
tz
sh
Sp
ne
la
tz
sh
Sp
ne
la
tz
sh
Sp
ne
la
sh
Sp
la
Sp
, ne
tz
sh
ne
la
Acme Insurance and Apogee insurance agree to offer different premium rates for
tz
persons of equal risk within a particular class. They also agree to limit benefits paid to
sh
Sp
insureds within this class if the insureds live within certain counties of PA. What are
ne
Acme and Apogee engaging in?
la
tz
-acceptable marketing and underwriting practices
sh
Sp
-unfair and prohibited business practices
ne
-insurance fraud
la
-false advertising - Correct Answer-they are engaging in unfair and prohibited business
tz
practices
sh
Sp
ne
they are agreeing to unreasonable restraint of trade in insurance business, and they are
engaging in unfair discrimination
la
tz
sh
Sp
which of the following is NOT a remedy available to the PA commissioner of insurance
ne
for committing an unfair method of competition?
la
-imprisonment
tz
sh
-cease and desist order
Sp
ne
-suspension of license
-revocation of license - Correct Answer-imprisonment is not a punishment for
la
committing an unfair method of competition
tz
sh
Sp
you cannot be arrested for committing an unfair method of competition
ne
la
which of the following is NOT an unfair claims settlement practice if committed by an
tz
insurance company in PA?
sh
Sp
ne
-failing to promptly acknowledge communications about claims
la
-failing to promptly settle a claim for which liability is uncertain
tz
sh
-appealing from an arbitration award in favor of an insured to compel the insured to
Sp
accept a lower settlement
ne
-failing to affirm or deny coverage within a reasonable time after completing a claim
la
investigation - Correct Answer-ailing to promptly settle a claim for which liability is
tz
uncertain is NOT an unfair claims settlement practice
sh
Sp
ne
Jeff is a licensed insurance producer in both PA and NY. he is charged with
la
embezzlement in NY, and his first pretrial hearing is set for March 1. He must notify the
tz
PA commissioner of insurance within how many days of this hearing? - Correct Answer-
sh
Sp
Jeff has 30 days to notify the PA commissioner of insurance of the disciplinary action
ne
being taken against him
la
tz
which of the following is NOT an unfair claims settlement practice if committed by an
sh
Sp
insurance company in PA?
ne
la
sh
Sp
la
Sp
tz
sh
ne
la
tz
Webce Test Questions Exam With 100%
sh
Sp
Correct Answers 2023 GRADED A ne
la
tz
sh
Sp
ne
la
tz
sh
Sp
ne
la
tz
sh
which of the following situations presents a situation of pure risk?
Sp
ne
-knowing that his family is depending on him, Frank wants to insure his life
la
-wanting to increase his retirement savings, Saul invests his life savings in the stock
tz
sh
market
Sp
-Ralph takes a second mortgage on his house and uses the proceeds to gamble
ne
-wanting better job security, Ron cashes in his life insurance to start his own business -
la
Correct Answer-knowing that his family is depending on him, Frank wants to insure his
tz
sh
own life
Sp
ne
only pure risk is insurable. Pure risk may only result in a loss, unlike speculative risk
la
which may result in a gain.
tz
sh
Sp
Agent Jill received a letter from the Department of insurance asking her to submit
ne
verification of having completed the continued education requirements for the previous
la
licensing period. Three weeks later, the department sent another letter. Which penalty
tz
may the Department impose if Jill has still not responded to their request a month later?
sh
Sp
- Correct Answer-a fine up to $100 per day per violation
ne
la
A producer has 30 days to respond to a written inquiry from the Department
tz
sh
Sp
Jim's policy expired due to nonpayment of premium. His agent sends him a statement
ne
the following month without notice of the lapse. If Jim pays the premium and later
la
suffers a loss for which he files a claim, what will prevent the insurer from denying the
tz
claim?
sh
Sp
ne
-estoppel
la
-utmost good faith
tz
-reasonable expectations
sh
Sp
-waiver - Correct Answer-estoppel
ne
la
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? -
sh
Sp
Correct Answer-30 days
all rate filings are subject to a 30-day waiting period before they become effective.
la
Sp
, ne
tz
sh
ne
la
The commissioner of insurance can examine the business accounts, transactions, and
tz
records of insurers and producers as often as necessary, but must do so at least once
sh
Sp
in how many years? - Correct Answer-5 years
ne
la
tz
sh
Sp
ne
la
tz
sh
Sp
ne
la
tz
sh
Sp
ne
la
tz
sh
Sp
ne
la
tz
sh
Sp
ne
la
tz
sh
Sp
ne
la
tz
sh
Sp
ne
la
tz
sh
Sp
ne
la
tz
sh
Sp
ne
la
tz
sh
Sp
ne
la
sh
Sp
la
Sp
, ne
tz
sh
ne
la
Acme Insurance and Apogee insurance agree to offer different premium rates for
tz
persons of equal risk within a particular class. They also agree to limit benefits paid to
sh
Sp
insureds within this class if the insureds live within certain counties of PA. What are
ne
Acme and Apogee engaging in?
la
tz
-acceptable marketing and underwriting practices
sh
Sp
-unfair and prohibited business practices
ne
-insurance fraud
la
-false advertising - Correct Answer-they are engaging in unfair and prohibited business
tz
practices
sh
Sp
ne
they are agreeing to unreasonable restraint of trade in insurance business, and they are
engaging in unfair discrimination
la
tz
sh
Sp
which of the following is NOT a remedy available to the PA commissioner of insurance
ne
for committing an unfair method of competition?
la
-imprisonment
tz
sh
-cease and desist order
Sp
ne
-suspension of license
-revocation of license - Correct Answer-imprisonment is not a punishment for
la
committing an unfair method of competition
tz
sh
Sp
you cannot be arrested for committing an unfair method of competition
ne
la
which of the following is NOT an unfair claims settlement practice if committed by an
tz
insurance company in PA?
sh
Sp
ne
-failing to promptly acknowledge communications about claims
la
-failing to promptly settle a claim for which liability is uncertain
tz
sh
-appealing from an arbitration award in favor of an insured to compel the insured to
Sp
accept a lower settlement
ne
-failing to affirm or deny coverage within a reasonable time after completing a claim
la
investigation - Correct Answer-ailing to promptly settle a claim for which liability is
tz
uncertain is NOT an unfair claims settlement practice
sh
Sp
ne
Jeff is a licensed insurance producer in both PA and NY. he is charged with
la
embezzlement in NY, and his first pretrial hearing is set for March 1. He must notify the
tz
PA commissioner of insurance within how many days of this hearing? - Correct Answer-
sh
Sp
Jeff has 30 days to notify the PA commissioner of insurance of the disciplinary action
ne
being taken against him
la
tz
which of the following is NOT an unfair claims settlement practice if committed by an
sh
Sp
insurance company in PA?
ne
la
sh
Sp
la
Sp
