What does this simple rebus mean?

What does this rebus mean?

O
N
C
E
TIME

There was once a college that offered a class on probability applied to the real world. The class was relatively easy, but there was a catch. There were no homework assignments or tests, but there was a final exam that would have only one question on it. When everyone received the test paper it was a blank sheet of paper with a solitary question on it: 'What is the risk?'.Most students were able to pass, but only one student received 100% for the class! Even stranger was that he only wrote down one word!
What did he write?

A King wants to send the diamond ring to his girlfriend securely. He got multiple locks and their corresponding keys. His girlfriend does not have any keys to these locks and if he sends the key without a lock, the key can be copied in the way. How can King send the ring to his girlfriend securely?

What is greater than gold but cannot be bought. it can never be sold and can earn if its sought. though it can be broken, it can still be fixed. for by birth it can't start nor by death it is ended.what am i?

John was writing his first book. After saving the document, he locked his laptop with a password and mentioned some phrases for the hint box.

A friend of his tried opening his laptop but found out that it was password protected. Following is the hint that appeared.
1 mobile 3 books 2 roars 1 night 4 balls 2 lighters 1 ghost 1 hat 3 watches.

Can you help him in cracking the password?

Count the number of triangles in the given picture.

What is more useful when it is broken?

What has many teeth, but cannot bite?

I am a type of word that is spelt incorrectly or used differently, on purpose for humour. What am I?
Hint 1: You can find me in a joke.
Hint 2: I am a play on words.