WebCe Study guides, Class notes & Summaries

Property and Casualty Insurance - Final Exam Questions and Answers 2023 An unlicensed employee of an insurance agency may perform all of the following EXCEPT: A) Accept a claim form B) Type correspondence for a direct mail campaign C) Deposit properly endorsed checks into the agency's bank account •• D) Advise an insured of coverage issues A producer must notify the insurance division of an address change within: A) 10 days B) 20 days C) 25 days •• D) 30 days A Tem...

FLOOD INSURANCE QUESTIONS AND ANSWERS 2023 WHAT ARE THE TWO TYPES OF FLOOD INSURANCE? NFIP PROVIDES AN EMERGENCY PROGRAM AND REGULAR PROGRAM HOW WAS THE NFIP CREATED? BY THE PASSAGE OF THE NATIONAL FLOOD INSURANCE ACT OF 1968 CAN YOU OBTAIN FLOOD INSURANCE THROUGH PRIVATE INSURERS? YES UNDER THE "WRITE YOUR OWN" PROGRAM AND THEY ARE 100% REIMBURSED BY THE GOVERNMENT WHAT IS REQUIRED BY COMMUNITIES TO OBTAIN NAT'L FLOOD INSURANCE? THEY MUST BE WILLING TO ADOPT FLOOD CONT...

Property Insurance WEBCE|Complete with A+ Graded Answers Homeowners Policy Broad Form 2 (HO 2) Dwelling, other structures: homeowners policy, and personal property on a named perils basis; loss of use, personal liability, and medical payments. Homeowners Policy Special Form 3(HO 3) Dwelling and other structures on an open perils basis; personal property on a named perils basis (16 specified perils); loss of use, personal liability, and medical payments. Homeowners Policy Contents ...

Webce Insurance test questions|Latest Update Graded A+ Agent Thompson received a letter from the Department of Insurance asking her to provide proof of completing the continuing education requirements. Within how many days must Agent Thompson respond to the Department's inquiry? 20 30 10 45 10 days Abby lives in Ohio, where she is licensed as an insurance producer. She wants to apply for a nonresident license in Pennsylvania. Which of the following conditions must she satisfy? S...

WEBCE Prep Exam Life Insurance|Latest Update Graded A+ Risk Management using strategies to reduce the amount of risk Risk The chance of loss from an event that cannot be entirely controlled Pure risk The possibility of loss with no chance of gain. That which can result only in a loss to the person at risk. Speculative risk Chance of loss or gain loss unplanned reduction in economic value. can be either direct or indirect. Underwriting The process that determines i...

Health Insurance Exam Webce|A+ Graded Pure Risk Chance of loss but not gain Peril Cause of loss Hazard Increases the chance of peril Managing risk Only way to manage risk is to transfer it ; buy Insurance To be insurable Risk MUST BE, definable, measurable, beyond the insured control, common to large group, NOT catastrophic Adverse Selection When someone is a high risk tries to buy insurance Risk Management How we deal with risk Types of risks Pure and...

WEBCE Prep Exam Health Insurance|A+ Graded Health insurance broadly covers many risks, such as the loss of income because of disability, the costs of medical care and treatment, and the costs of care not covered by government plans. Long term care A broad term that includes a wide range of assistance, services, or devices provided over an extended period. It is designed to medical, personal, social needs in a variety of settings and locations to enable a person to live as independently a...

Life and Health Insurance Exam Webce|A+ Graded Risk Chance of loss Loss Unplanned reduction of economic value Peril cause of loss Hazard a condition that increases the chance of peril Risk Transfer buying insurance to shift the risk to insurance company Underwriting assessing applicant to determine insurability Adverse Selection people with greater risk of loss trying to buy insurance Mutual Companies owned by policyholders and issue participating poli...

Insurance webce|Complete Questions with A+ Graded Answers risk Chance of loss Pure risk If it's pure you can insure Speculative riak Loss or gain peril The cause of loss Life insurance peril Death Health insurance peril Illness, accidental injury, disability hazard Increases chance of peril Risk Transfer shifting risk to another party Underwriting Assessing an applicant Law of Large Numbers Mathematical principle of probability Moral ...

WEBCE Insurance Exam Questions with 100% Correct Answers 1. Which of the following exempted insurance companies from federal antitrust legislation? the McCarran-Ferguson Act 2. Which of the following has primary responsibility for regulating the insurance industry? a. the states Which statement about the NAIC is correct? The NAIC prepares model laws, regulations, and guidelines for adoption by the states. 4. The NAIC issued a model law on long-term care insurance. Which statem...

WEBCE Insurance Exam Questions with 100% Correct Answers 1. Which of the following exempted insurance companies from federal antitrust legislation? the McCarran-Ferguson Act 2. Which of the following has primary responsibility for regulating the insurance industry? a. the states Which statement about the NAIC is correct? The NAIC prepares model laws, regulations, and guidelines for adoption by the states. 4. The NAIC issued a model law on long-term care insurance. Which statem...

WEBCE Practice Exam Questions with 100% Correct Answers A policyowner can access the cash value of many life insurance policies through withdrawals, loans or policy surrender. Which of the following terms describes the ability to easily convert life insurance into cash? Liquidity. Life insurance policy proceeds are protected from the claims of creditors due to the policy's: Spendthrift clause. Which of the following is an insurable risk? The possibility of becoming disabled and u...