General Insurance Level 1 License – Alberta Questions with Verified Solutions

General Insurance Level 1 License – Alberta Questions with Verified Solutions Liability policies insure bodily injury and property damage on an occurrence basis. This includes coverages for unexpected injury and damage which happens... ...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... 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: 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)... occurrence Which provinces provide compulsory automobile insurance coverage to residents? British Columbia Saskatchewan Manitoba Quebec The broadest definition of disability is that found in the policies providing coverage of... own 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? S.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... both tort law contract law What is the surety? the 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 If 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? Earnings approach. EDP(Electronic Data Processing Equipment) Insurance is designed to cover the risks arising out of the use of computers and associated equipment What is meant by an insurer's adequate capacity? its ability to provide a full range of insurance protection to clients The Earnings Approach treats an interruption of business as being over ... once the physical loss or damage from a loss has been