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webce test WebCE Courses – CE & CEU Programs for Healthcare Professionals REAL
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Flip terms and definitions
1
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
knowing that his family is depending on him, Frank wants to insure his own
life Image
only pure risk is insurable. Pure risk may only result in a loss, unlike
speculative risk which may result in a gain.
2
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?
,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
estoppel
Image
4
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?
30 days
Image
all rate filings are subject to a 30-day waiting period before they become
effective.
5
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?
5 years
Image
6
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
, 7
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
imprisonment is not a punishment for committing an unfair method of
competition Image
you cannot be arrested for committing an unfair method of competition
8
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
ailing to promptly settle a claim for which liability is uncertain is NOT an
unfair claims settlement practice Image
9
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?
Jeff has 30 days to notify the PA commissioner of insurance of the
disciplinary action being taken against him Image
10
Back to set
Public
Title
webce test WebCE Courses – CE & CEU Programs for Healthcare Professionals REAL
Add a description...
Flip terms and definitions
1
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
knowing that his family is depending on him, Frank wants to insure his own
life Image
only pure risk is insurable. Pure risk may only result in a loss, unlike
speculative risk which may result in a gain.
2
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?
,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
estoppel
Image
4
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?
30 days
Image
all rate filings are subject to a 30-day waiting period before they become
effective.
5
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?
5 years
Image
6
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
, 7
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
imprisonment is not a punishment for committing an unfair method of
competition Image
you cannot be arrested for committing an unfair method of competition
8
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
ailing to promptly settle a claim for which liability is uncertain is NOT an
unfair claims settlement practice Image
9
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?
Jeff has 30 days to notify the PA commissioner of insurance of the
disciplinary action being taken against him Image
10
