WORKDAY PRO EXAM 3 2025 WITH 75 REAL EXAM QUESTIONS AND CORRECT ANSWERS (100 CORRECT VERIFIED SOLUTIONS) LATEST UPDATED VERSION GUARANTEED PASS. WORKDAY PRO ACTUAL EXAM

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PRACTICE REAL EXAM 400 QUESTIONS
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AND CORRECT ANSWERS GUARANTEE u u u




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Greg plays trombone in his school band during football games. During a rally song in
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the stands one day, Greg annoys one of the opposing team's fans, who grabs his
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$400 trombone and hurls it down the bleachers, completely destroying it. Greg's insu
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rance pays him $400 to replace the trombone, but then the opposing team's coach also
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uoffers to replace the instrument, at whatever the cost. So Greg orders a new $3,200 tr
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ombone and has the opposing team's athletic department absorb the cost. Which prin
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ciple has Greg violated? - ANSWER- The Principle of Indemnity
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The fee paid by the insured in exchange for an insurance policy is called a: -
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ANSWER- Premium
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Which of the following best describes a Fraternal Benefit Society? - ANSWER-
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A. A fraternal benefit society is a for-profit provider of insurance.
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B. A fraternal benefit society is a social organization based around common interests
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and beliefs. u




C. A fraternal benefit society uses investors' money to pay claims.
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,Fraternal Benefit Societies are non- u u u u


profit, mutual aid organizations that engage primarily in charitable activities. They of
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fer their members insurance against death, disease, and disability.
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D. A fraternal benefit society pays dividends to its stockholders.
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Answer: B u




Bobby just purchased an insurance policy for his home from XYZ Insurance. Which
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of the following would be a reason this policy may not be legally binding? -
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ANSWER- A. Bobby is only 19 years old.
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B. Bobby paid his first premium when he and his agent agreed on a policy, but he is
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waiting for the policy documents to be prepared so he can sign them.
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C. Bobby has an outstanding warrant for selling marijuana.
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A contract is only legally binding if both parties are competent. If Bobby is not menta
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lly competent, he cannot enter into a contract.
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D. Bobby has been diagnosed as mentally incompetent.
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Answer: D u




In au u, only one party is legally obligated to perform. - ANSWER- u u u u u u u u u u


A. contract of adhesion
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B. unilateral contract
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C. conditional contract
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That is incorrect. In a unilateral contract, only one party is legally obligated to perfor
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m.
D. contract of utmost good faith
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Answer: B. Unilateral contract u u u

,Mark incurred $8,000 damage to his car in an accident. He received $8,000 from his i
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nsurance company and $4,000 from the other driver. By receiving a profit from the l
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oss, Mark could be in violation of: - ANSWER- A. the principle of profit and loss.
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B. the principle of financial status.
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C. the principle of financial restoration.
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D. the principle of indemnity.
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Answer: D u




In which section of an insurance policy might you find the following statement? "'W
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e, us, and our' refers to ABC Insurance company." - ANSWER- A. Exclusions
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B. Definitions
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C. Declarations
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D. Conditions
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Answer: B u




Which of the following is NOT a characteristic of insurance contracts? -
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ANSWER- A. Aleatory
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B. Universal
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C. Conditional
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D. Unilateral
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Answer: B u

, Which of the following is NOT a requirement for a legally binding contract? -
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ANSWER- A. There must be a legal purpose.
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B. There must be mutual consent.
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C. It must be a notarized document.
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D. Both parties must bring something of value.
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Answer: C u




Xavier owns a small insurance company. Recently the company won a bid to insure
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a new housing development in Omaha, NE. His company can handle any claims that
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arise, but if a series of tornados were to tear through the area and destroy the entire d
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evelopment, Xavier's company would suffer financially. Which type of insurer coul
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d help Xavier's company protect itself the most from this potential loss? -
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ANSWER- A. A re-insurer
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B. A stock insurer
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C. A reciprocal insurance group
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D. A fraternal benefits society
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Answer: A u




Which of the following would you find in the Conditions section of an insurance polic
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y? - ANSWER- A. Causes of loss that are not covered
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B. The insured's duty after a loss
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C. Policy limits
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D. The meaning of certain important words in the contract
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Answer: B u