Yes, you can. After the password reset, you can logon with your new password immediately and continue working.
Yes, before you can use the Forgot My Password functionality of the software, you need to enroll. Only after enrolling you use it to reset your password.
Yes, but only during registration and the answer will be stored using encryption. Therefore, it is not possible to retrieve your original answers.
No, the software only stores the questions and answers.
Yes, it is possible to reset a password that is expired using the software.
It is possible to unblock your account using this software. During the reset procedure you can select the "Unblock my account", assuming that functionality has been enabled. It is not possible to reset the password if the account was explicitly disabled by the administrator.