10/27/24, 11:10 AM WEBCE FINAL EXAM LATEST 2024 REAL EXAM 100 QUESTIONS AND ANSWERS WITH RATIONALES(VERIFIED ANSWER…
WEBCE FINAL EXAM LATEST 2024 REAL EXAM
100 QUESTIONS AND ANSWERS WITH
RATIONALES(VERIFIED ANSWERS)
Terms in this set (115)
which of the following knowing that his family is depending on him, Frank
situations presents a wants to insure his own life
situation of pure risk?
only pure risk is insurable. Pure risk may only result in
-knowing that his family is a loss, unlike speculative risk which may result in a
depending on him, Frank gain.
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
,10/27/24, 11:10 AM WEBCE FINAL EXAM LATEST 2024 REAL EXAM 100 QUESTIONS AND ANSWERS WITH RATIONALES(VERIFIED ANSWER…
Agent Jill received a letter a fine up to $100 per day per violation
from the Department of
insurance asking her to A producer has 30 days to respond to a written
submit verification of inquiry from the Department
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?
Jim's policy expired due to estoppel
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
,10/27/24, 11:10 AM WEBCE FINAL EXAM LATEST 2024 REAL EXAM 100 QUESTIONS AND ANSWERS WITH RATIONALES(VERIFIED ANSWER…
BBC insurers filed 30 days
premium rates for its new
line of variable products all rate filings are subject to a 30-day waiting period
on January 15. Within how before they become effective.
many days must the
commissioner approve or
disapprove the rates?
The commissioner of 5 years
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?
Acme Insurance and they are engaging in unfair and prohibited business
Apogee insurance agree practices
to offer different premium
rates for persons of equal they are agreeing to unreasonable restraint of trade in
risk within a particular insurance business, and they are engaging in unfair
class. They also agree to discrimination
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
, 10/27/24, 11:10 AM WEBCE FINAL EXAM LATEST 2024 REAL EXAM 100 QUESTIONS AND ANSWERS WITH RATIONALES(VERIFIED ANSWER…
which of the following is imprisonment is not a punishment for committing an
NOT a remedy available to unfair method of competition
the PA commissioner of
insurance for committing you cannot be arrested for committing an unfair
an unfair method of method of competition
competition?
-imprisonment
-cease and desist order
-suspension of license
-revocation of license
which of the following is ailing to promptly settle a claim for which liability is
NOT an unfair claims uncertain is NOT an unfair claims settlement practice
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
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