{"id":121188,"date":"2023-10-11T18:55:30","date_gmt":"2023-10-11T18:55:30","guid":{"rendered":"https:\/\/learnexams.com\/blog\/?p=121188"},"modified":"2023-10-11T18:55:32","modified_gmt":"2023-10-11T18:55:32","slug":"webce-exam-questions-with-correct-answers","status":"publish","type":"post","link":"https:\/\/www.learnexams.com\/blog\/2023\/10\/11\/webce-exam-questions-with-correct-answers\/","title":{"rendered":"WebCE Exam Questions with correct Answers 2023-2024"},"content":{"rendered":"\n

Indirect Loss – Answer- A secondary loss that follows from a direct loss to insured
property from a covered peril.
Ex. Hotel expenses incurred by the insured while a fire-damaged home is repaired is an
indirect loss that follows the direct loss of the home.
Exclusive Agency System – Answer- An insurance distribution system in which
producers (agents) represent a single company.
Ex. In the exclusive agency system, insurers use independent contractors (exclusive
agents) that represent only one insurance company or, in some cases, a group of
insurance companies under similar management.
Five basic elements of a valid contract – Answer- 1. Offer<\/p>\n\n\n\n

    \n
  1. Acceptance<\/li>\n\n\n\n
  2. Consideration<\/li>\n\n\n\n
  3. Competent parties<\/li>\n\n\n\n
  4. Legal purpose
    Ex. An applicant makes an insurance offer that results in a contract (policy) only if the
    offeree (insurer) accepts the offer (application). The applicant’s consideration is the
    signed application and payment of the first premium.
    Peril and Hazard – Answer- Two related general insurance terms, the first of which is the
    cause of a loss and the second being any condition that increases the risk or severity of
    a loss.<\/li>\n<\/ol>\n\n\n\n