Insurance level 1 Alberta exam
Which of the following policy conditions in a CGL policy are mandatory in
Alberta?
A) Canadian currency clause
b)Bankruptcy
c) Premium audit
d) All of the above - ✔ ✔ Canadian currency clause
As defined in a CGL policy, the "insured's work" mean
A)work performed by the insured
b)work performed on behalf of the insured
c) materials or parts furnished in connection with work performed by the
insured
,d) all of the above - ✔ ✔ All of the above
Identify four professionals who would require a professional liability policy - ✔
✔ Any of these professionals would need a professional liability policy:
corporate board mem-
ber, engineer, accountant, doctor, nurse, pharmacist, manufacturer, architect,
and insurance
agent or broker. These are the examples provided in the text, but there are
many others.
With respect to emergency assistance benefits provided on a travel insurance
policy, which of the following statements is TRUE? emergency assistance
benefits
A)are also known as emergency return home benefits
b)are often contracted to a private assistance company
c) may be denied entirely if an insured does not promptly report the emergency
,d) all of the above - ✔ ✔ are often contracted to a private assistance
company
Define "pre-existing condition - ✔ ✔ A medical condition that existed before
the policy effective date.
Travel accident insurance provides coverage up to stated limits for which of the
following?
A)Death due to sickness or disease
b)The loss of sight in both eyes
c) Excess hospital room and food costs
d) Prescription drugs if prescribed by a physician - ✔ ✔ The loss of sight in
both eyes
What organization is responsible for elevating the status of independent
intermediaries by providing professional development and ethical standards?
A)Alberta Insurance Council
, b) Insurance Institute of Canada
c) Insurance Brokers Association of Canada
d) Canadian Insurance Claims Managers Association - ✔ ✔ nsurance Brokers
Association of Canada
Identify two programs of study offered by the Insurance Institute of Canada
and/or the Insurance Institutes of Northern and Southern Alberta - ✔ ✔ The
programs of study are Chartered Insurance Professional (CIP), Advanced
Chartered
Insurance Professional (ACIP), Fellow Chartered Insurance Professional (FCIP),
Commercial
Insurance Certificate, and licensing courses.
Which of the following is NOT an activity in which the Insurance Bureau of
Canada (IBC) is involved?
A)Development of advisory model policy wordings for use by the industry
b) Claims handling with a high standard of ethics and claims arbitration
Which of the following policy conditions in a CGL policy are mandatory in
Alberta?
A) Canadian currency clause
b)Bankruptcy
c) Premium audit
d) All of the above - ✔ ✔ Canadian currency clause
As defined in a CGL policy, the "insured's work" mean
A)work performed by the insured
b)work performed on behalf of the insured
c) materials or parts furnished in connection with work performed by the
insured
,d) all of the above - ✔ ✔ All of the above
Identify four professionals who would require a professional liability policy - ✔
✔ Any of these professionals would need a professional liability policy:
corporate board mem-
ber, engineer, accountant, doctor, nurse, pharmacist, manufacturer, architect,
and insurance
agent or broker. These are the examples provided in the text, but there are
many others.
With respect to emergency assistance benefits provided on a travel insurance
policy, which of the following statements is TRUE? emergency assistance
benefits
A)are also known as emergency return home benefits
b)are often contracted to a private assistance company
c) may be denied entirely if an insured does not promptly report the emergency
,d) all of the above - ✔ ✔ are often contracted to a private assistance
company
Define "pre-existing condition - ✔ ✔ A medical condition that existed before
the policy effective date.
Travel accident insurance provides coverage up to stated limits for which of the
following?
A)Death due to sickness or disease
b)The loss of sight in both eyes
c) Excess hospital room and food costs
d) Prescription drugs if prescribed by a physician - ✔ ✔ The loss of sight in
both eyes
What organization is responsible for elevating the status of independent
intermediaries by providing professional development and ethical standards?
A)Alberta Insurance Council
, b) Insurance Institute of Canada
c) Insurance Brokers Association of Canada
d) Canadian Insurance Claims Managers Association - ✔ ✔ nsurance Brokers
Association of Canada
Identify two programs of study offered by the Insurance Institute of Canada
and/or the Insurance Institutes of Northern and Southern Alberta - ✔ ✔ The
programs of study are Chartered Insurance Professional (CIP), Advanced
Chartered
Insurance Professional (ACIP), Fellow Chartered Insurance Professional (FCIP),
Commercial
Insurance Certificate, and licensing courses.
Which of the following is NOT an activity in which the Insurance Bureau of
Canada (IBC) is involved?
A)Development of advisory model policy wordings for use by the industry
b) Claims handling with a high standard of ethics and claims arbitration
