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General Insurance Level 1 License - Alberta Questions and Answers 100% Solved
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General Insurance Level 1 License - Alberta
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General Insurance Level 1 License -Alberta
Liability policies insure bodily injury and property damage on an occurrence basis. This
includes coverages for unexpected injury and damage which happens... -
answer...suddenly, over long periods of time.
When not named on the insurance policy, partners in a common law relationship will be
entitled to coverage only when they are able to prove that... - answer they were living
with the Named Insured in a conjugal relationship outside marriage continuously for a
period of *three years*.
Liability Insurance - The types of bodily injury which the insurer agrees to pay on behalf
of the insured include: - answer bodily injury
sickness or disease
death resulting from any of these at any time
An accident, including continuous or repeated exposure to substantially the same
general harmful conditions is otherwise known as a(n)... - answeroccurrence
Which provinces provide compulsory automobile insurance coverage to residents? -
answerBritish Columbia
Saskatchewan
Manitoba
Quebec
The broadest definition of disability is that found in the policies providing coverage of... -
answerown occupation.
The Commercial General Liability Policy excludes payment for injury or damage to
others arising out of "the ownership, use or operation" of any automobile. What policy
can provide these coverages? - answerS.P.F. 4 - Standard Garage Automobile Policy
Bailees for hire have a potential for loss to a customer's property while it is in their
possession. The extent of their liability may be a matter of... - answerboth
tort law
contract law
What is the surety? - answerthe party who makes good the obligations to the obligee
, Would the results of the business still be affected by the loss even after the business
has reopened? Debate and justify - answerIf the answer is yes, then the Profits
approach is best;
if the answer is no, then the earnings approach is best.
Business Interruption - If the date when the property is restored and the business
reopens coincides with the date when the business results equal what they would have
been had no loss occurred, the client needs what approach to income-replacement
insurance? - answerEarnings approach.
EDP(Electronic Data Processing Equipment) Insurance is designed to cover the risks -
answerarising out of the use of computers and associated equipment
What is meant by an insurer's adequate capacity? - answerits ability to provide a full
range of insurance protection to clients
The Earnings Approach treats an interruption of business as being over ... - answeronce
the physical loss or damage from a loss has been remedied and the business is able to
reopen.
The Profits Approach is also reflected in the Extended Business Income Forms. What is
covered and what's the coinsurance requirement? - answerThey indemnify an insured
for loss of business income. They are subject to 100% coinsurance.
What does one call a notice confirming for the insurer that it has been bound to a
contract of insurance. - answercover note
What is the coinsurance formula? - answerinsurance/required insurance*loss
Using the Earnings Approach, Business Interruptions have been insured mainly a form
called the - answerGross Earnings Form
Bailors are - answerpersons who entrust goods to another.
Which institute attempts to reduce the human and financial cost of natural disasters? -
answerThe ICLR is The Institute for Catastrophic Loss Reduction.
What is a Commercial Property Floater(CPF)? - answera policy
-including theft insurance
-covering stock, equipment and tenants improvements.
-extending to cover property in the custody of salespeople.
Glass insurance covers... - answeragainst breakage from any cause except fire, war
and nuclear damage.
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