General Insurance Level 2 License - Alberta Exam with complete solutions latest version.

General Insurance Level 2 License -
Alberta Exam with complete solutions
latest version



Which .groups .are .the .owners .of .the .following .company .types? .
Mutual .Companies
Stock .(Publicly .traded) .Companies .- .CORRECT .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? .- .CORRECT .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? .- .CORRECT .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? .- .CORRECT .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"? .- .CORRECT
.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? .- .CORRECT .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 .- .CORRECT .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 .- .CORRECT .ANSWER-$ .45,000
$ .42,500
STUDY .UP .ON .CO-INSURANCE

The .priority .of .payment .of .the .$200,000 .under .Third .Party .Liability .in .Alberta .is
.distributed .to .Bodily .Injury .& .Property .Damage .as .follows: .- .CORRECT
.ANSWER-liability .to .Bodily .Injury .$190,000 .then .liability .to .Property .Damage
.$10,000
-Property .is .more .commonly .insured .as .well .by .the .owner .but .severe .Bodily
.Injury .is .not .often .covered .well .by .individuals


This .is .to .ensure .that .bodily .injury .are .always .provided .for .first. .If .the .coverage
.is .less .than .the .claim .settlement, .the .first .moneys .are .going .to .be .allocated .to
.bodily .injuries.
NOT .Bodily .Injury .$150,000 ./ .Property .Damage .$50,000
Bodily .Injury .$180,000 ./ .Property .Damage .$20,000

Under .Subsection .2 .- .II .Total .Disability, .Total .Disability .must .occur .within .how
.much .time .to .be .covered .by .Section .B .- .Accident .Benefits .as .such? .-
.CORRECT .ANSWER-60 .days .from .the .date .of .accident


NOT .120 .days .from .the .date .of .accident .as .disability .is .to .be .covered .by
.accident .benefits .in .an .expedient .and .partial .fashion


A .court .finds .the .insured .responsible .for .third .party .damages .in .the .amount .of
.$3,000,000. .After .six .months, .the .insurer .decides .not .to .appeal .the .decision
.and .agrees .to .pay .the .claim. .The .bodily .injury .and .property .damage .limit .of .the