Webce Test Questions With 100% Correct Answers

Webce Test Questions With 100% Correct Answers
Question : 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
Correct 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.
Question : 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?
Correct answer: a fine up to $100 per day per violation
A producer has 30 days to respond to a written inquiry from
the Department
Question : 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
Correct answer: estoppel

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