General Insurance Level 2 License -
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Which groups are the owners of the following company types?
Mutual Companies
Stock (Publicly traded) Companies - ANSWER✅✅Stock Companies are owned by the
shareholders
Mutual companies are owned by the policyholders
Which office is responsible for the administration of the Insurance Act in each
province? - ANSWER✅✅Federal Office of the Superintendent of Insurance
BUT the Federal Office of the Superintendent of Financial Institutions is responsible
for the administration of the other common fiduciaries.
If any of the insured property is removed from the location to prevent further loss,
destruction or damage the insurer agrees to cover the property removed for up to
, how long? - ANSWER✅✅for 7 days (1 week) or the expiry date of the policy,
whichever comes first
VS extension of coverage for property removed from the premises as moving to a
new location/home is up to 30 days (4+ weeks)
NOT for a whole 14 days (2 weeks) or the expiry date of the policy, whichever comes
first
NOT only up to the expiry date of the policy
Under Subsection 3 - Uninsured Motorist Coverage, the insurer is liable for the
minimum limits applicable to which jurisdiction? - ANSWER✅✅-the greater of
EITHER the jurisdiction where the accident occurred OR the insured's home
jurisdiction
NOT ONLY in the jurisdiction where the accident occurred OR ONLY in the insured's
home jurisdiction
In an insurance contract, how would you define "consideration"? -
ANSWER✅✅anything of value exchanged between the parties of the contract
NOT the subject matter of the policy for which coverage is needed
An insurance contract indemnifies the insured against loss arising out of the
happening of a specific event.
What conditions of the event must be considered before it can become an insurable
loss? - ANSWER✅✅-must be a future event
-must be accidental
-may happen with the cooperation of the insured as some losses are a result of
covered but careless behavior
-may happen with the intent of the insured as some losses are a result of covered
but intended behavior with unintended results
Statutory Condition 5 provides that when an insurance policy is terminated by the
insurer, the insurer shall refund - ANSWER✅✅the excess of the premium actually
paid by the insured over the pro-rata premium for the expired time
NOT JUST the excess of the premium actually paid over the short-rate premium for
the expired time because question clearly listed that it is "terminated by the insurer"
If the owner of a building worth $125,000 buys $90,000 of insurance on a policy
with an 80% coinsurance clause, and a 4% waiver, then suffers a loss of $ 50,000, his
recovery under the policy will be - ANSWER✅✅$ 45,000
$ 42,500
STUDY UP ON CO-INSURANCE
Alberta Exam, Brand New Exam
Questions with 100% Correct Answers,
All Graded A+,Latest Expert Premium
Update(2025-2026)|100% Guaranteed
Success.
Which groups are the owners of the following company types?
Mutual Companies
Stock (Publicly traded) Companies - ANSWER✅✅Stock Companies are owned by the
shareholders
Mutual companies are owned by the policyholders
Which office is responsible for the administration of the Insurance Act in each
province? - ANSWER✅✅Federal Office of the Superintendent of Insurance
BUT the Federal Office of the Superintendent of Financial Institutions is responsible
for the administration of the other common fiduciaries.
If any of the insured property is removed from the location to prevent further loss,
destruction or damage the insurer agrees to cover the property removed for up to
, how long? - ANSWER✅✅for 7 days (1 week) or the expiry date of the policy,
whichever comes first
VS extension of coverage for property removed from the premises as moving to a
new location/home is up to 30 days (4+ weeks)
NOT for a whole 14 days (2 weeks) or the expiry date of the policy, whichever comes
first
NOT only up to the expiry date of the policy
Under Subsection 3 - Uninsured Motorist Coverage, the insurer is liable for the
minimum limits applicable to which jurisdiction? - ANSWER✅✅-the greater of
EITHER the jurisdiction where the accident occurred OR the insured's home
jurisdiction
NOT ONLY in the jurisdiction where the accident occurred OR ONLY in the insured's
home jurisdiction
In an insurance contract, how would you define "consideration"? -
ANSWER✅✅anything of value exchanged between the parties of the contract
NOT the subject matter of the policy for which coverage is needed
An insurance contract indemnifies the insured against loss arising out of the
happening of a specific event.
What conditions of the event must be considered before it can become an insurable
loss? - ANSWER✅✅-must be a future event
-must be accidental
-may happen with the cooperation of the insured as some losses are a result of
covered but careless behavior
-may happen with the intent of the insured as some losses are a result of covered
but intended behavior with unintended results
Statutory Condition 5 provides that when an insurance policy is terminated by the
insurer, the insurer shall refund - ANSWER✅✅the excess of the premium actually
paid by the insured over the pro-rata premium for the expired time
NOT JUST the excess of the premium actually paid over the short-rate premium for
the expired time because question clearly listed that it is "terminated by the insurer"
If the owner of a building worth $125,000 buys $90,000 of insurance on a policy
with an 80% coinsurance clause, and a 4% waiver, then suffers a loss of $ 50,000, his
recovery under the policy will be - ANSWER✅✅$ 45,000
$ 42,500
STUDY UP ON CO-INSURANCE
