General Insurance Level 1 License –
Alberta Prep Exam Questions With
100% Actual Complete Answers 2025.
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)... - Answer occurrence
Which provinces provide compulsory automobile insurance coverage to residents? - Answer
British Columbia
Saskatchewan
Manitoba
Quebec
The broadest definition of disability is that found in the policies providing coverage of... -
Answer 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? - Answer S.P.F. 4 - Standard Garage Automobile Policy
, What is the surety? - Answer 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 - Answer 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? - Answer
Earnings approach.
EDP(Electronic Data Processing Equipment) Insurance is designed to cover the risks - Answer
arising out of the use of computers and associated equipment
What is meant by an insurer's adequate capacity? - Answer its ability to provide a full range of
insurance protection to clients
The Earnings Approach treats an interruption of business as being over ... - Answer once 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? - Answer They 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. - Answer cover note
What is the coinsurance formula? - Answer insurance/required insurance*loss
Using the Earnings Approach, Business Interruptions have been insured mainly a form called the
- Answer Gross Earnings Form
Bailors are - Answer persons who entrust goods to another.
Alberta Prep Exam Questions With
100% Actual Complete Answers 2025.
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)... - Answer occurrence
Which provinces provide compulsory automobile insurance coverage to residents? - Answer
British Columbia
Saskatchewan
Manitoba
Quebec
The broadest definition of disability is that found in the policies providing coverage of... -
Answer 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? - Answer S.P.F. 4 - Standard Garage Automobile Policy
, What is the surety? - Answer 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 - Answer 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? - Answer
Earnings approach.
EDP(Electronic Data Processing Equipment) Insurance is designed to cover the risks - Answer
arising out of the use of computers and associated equipment
What is meant by an insurer's adequate capacity? - Answer its ability to provide a full range of
insurance protection to clients
The Earnings Approach treats an interruption of business as being over ... - Answer once 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? - Answer They 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. - Answer cover note
What is the coinsurance formula? - Answer insurance/required insurance*loss
Using the Earnings Approach, Business Interruptions have been insured mainly a form called the
- Answer Gross Earnings Form
Bailors are - Answer persons who entrust goods to another.
