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webce test questions with correct answers 100% pass 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 ...

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  • November 19, 2024
  • 45
  • 2024/2025
  • Exam (elaborations)
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  • webce test questions with correct answers 100 pas

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  • Prep Tests 2025
  • Prep Tests 2025

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webce test questions with correct
answers 100% pass

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.


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

Copyright ©SOPHIABENNETT 2025 ACADEMIC YEARALL RIGHTS RESERVED. Page 1/45

,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


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


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.



Copyright ©SOPHIABENNETT 2025 ACADEMIC YEARALL RIGHTS RESERVED. Page 2/45

,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


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


which of the following is NOT a remedy available to the PA commissioner of insurance

for committing an unfair method of competition?




Copyright ©SOPHIABENNETT 2025 ACADEMIC YEARALL RIGHTS RESERVED. Page 3/45

, -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


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




Copyright ©SOPHIABENNETT 2025 ACADEMIC YEARALL RIGHTS RESERVED. Page 4/45

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