Final answer:
A conductor with white insulation may be used as an ungrounded circuit conductor if it is marked with black tape where visible or accessible and used to connect a 240-V pump. The other options mentioned in the question are not correct.
Step-by-step explanation:
This allows the white insulation to be identified as a hot wire. The other options mentioned in the question, such as using red tape for a traveler from a 3-way switch or using blue tape to feed the hot to a switch, are not correct. These color markings are not standard for identifying a white-insulated conductor as a hot wire. Therefore, the correct answer is option II: if the white insulation is marked with black tape where visible or accessible and used to connect a 240-V pump.