webce test WebCE Courses – CE & CEU
Programs for Healthcare Professionals REAL
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.
,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?
-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
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? - ✔✔ANSWER✔✔-Jeff has 30 days to notify the PA commissioner of
insurance of the disciplinary action being taken against him
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
-offering to settle claims for less than due to encourage litigation
-raising policy defenses to reduce a claim - ✔✔ANSWER✔✔-failing to promptly
settle a claim for which liability is uncertain is not an unfair claims settlement
practice
Stacy is a captive agent for best rates insurance company. Her agency contract
gives her permission to print and use business cards with the company's logo
and submit applications for its policy. What type of authority does stacy have
, to take these actions? - ✔✔ANSWER✔✔-Stacy has express authority due to
the contract between her and the insurance company specifically allowing her
act in such a way
to boost her sales at the end of the year, agent Trudy started offering potential
clients a $250 cash gift card in exchange for purchasing a life insurance policy.
which ethical sales practice has she violated?
-twisting
-churning
-rebating
-false information - ✔✔ANSWER✔✔-rebating
its illegal to offer gifts in exchange for the purchase of an insurance policy
which of the following is not a power granted to the PA commissioner of
insurance?
-licensing producers and companies
-enforcing insurance laws
-issuing regulations to administer insurance laws
-prosecuting individuals for violating insurance laws - ✔✔ANSWER✔✔-the PA
commissioner of insurance CANNOT prosecute individuals for violating
insurance laws
which is not necessary to create a legal contract?
-consideration
Programs for Healthcare Professionals REAL
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.
,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?
-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
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? - ✔✔ANSWER✔✔-Jeff has 30 days to notify the PA commissioner of
insurance of the disciplinary action being taken against him
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
-offering to settle claims for less than due to encourage litigation
-raising policy defenses to reduce a claim - ✔✔ANSWER✔✔-failing to promptly
settle a claim for which liability is uncertain is not an unfair claims settlement
practice
Stacy is a captive agent for best rates insurance company. Her agency contract
gives her permission to print and use business cards with the company's logo
and submit applications for its policy. What type of authority does stacy have
, to take these actions? - ✔✔ANSWER✔✔-Stacy has express authority due to
the contract between her and the insurance company specifically allowing her
act in such a way
to boost her sales at the end of the year, agent Trudy started offering potential
clients a $250 cash gift card in exchange for purchasing a life insurance policy.
which ethical sales practice has she violated?
-twisting
-churning
-rebating
-false information - ✔✔ANSWER✔✔-rebating
its illegal to offer gifts in exchange for the purchase of an insurance policy
which of the following is not a power granted to the PA commissioner of
insurance?
-licensing producers and companies
-enforcing insurance laws
-issuing regulations to administer insurance laws
-prosecuting individuals for violating insurance laws - ✔✔ANSWER✔✔-the PA
commissioner of insurance CANNOT prosecute individuals for violating
insurance laws
which is not necessary to create a legal contract?
-consideration
