This segment is a detailed spoof of the game show You Bet Your Life, as hosted by Groucho Marx, which debuted on radio in 1947 before moving to TV in 1950.
Whenever something happened in You Bet Your Life, Groucho’s theme song (“Hooray for Captain Spaulding” from the Marx Brothers' Animal Crackers (1930)) would play. The same thing happened here, except Yakko's theme song is “I Am the Very Model of a Cartoon Individual” from episode 3 (which is taken, of course, from “I Am the Very Model of a Modern Major-General” from The Pirates of Penzance).
Yakko holds a pencil instead of Groucho’s trademark cigar.
On the original show, when a contestant would say the secret word, a toy duck resembling Groucho would drop from the ceiling with a $100 prize.