Level 1 General Insurance Exam Questions and Answers Already Passed

Level 1 General Insurance Exam Questions and Answers Already Passed How was a "reasonable person" defined? Arland v Taylor What does the Workers Compensation Act do for the liability of injuries in the workplace? Provides employees with no fault job injuries benefits and in exchange they cannot sue their employer for injury. Parents aren't generally required to pay for their children's torts unless: -They were unsupervised -They shouldn't have had dangerous item(s) given to them by parents that caused the damage -Instructed to do so by parent -Employed by parent Liability of Children: Children are responsible for damages unless what can be proven? That they were incapable of understanding the consequences. Liability for animals & Legal duty owed Domestic: Liable Wild: If it is common knowledge that animal is dangerous, they are held strictly liable for any damage/injury. What happens if equal liability is disputed? The law holds both tortfeaser's liable for the entirety of the award. Invitee & Occupier's legal duty owed -Not in AB, BC, ON, NS Enters by expressed or implied invitation, or connected w/ business or activity conducted on property. OR has financial/material interest in the property. -Must protect invitee's from not only known dangers, but also those which with reasonable care he might discover. Tortfeaser/Joint tortfeasers -The person who commits a wrong (tort) against an innocent party. - If 2 or more, referred to as joint tortfeasers What are the 4 sanction levels? 0/-3 = +6 -4/-8 = +5 -8/-15 = +4 -15/-20 = +3 Limited Depreciation Coverage -First 3 model years -If damage is considered a "total loss" (write off), insured receives the value of the vehicle when purchased. -Cash payout is only option What are the exceptions of limited depreciation coverage? Claim mode for loss due to: -Fire -Theft -Vandalism -Malicious mischief What are the 3 types of newer vehicle protection? -Enhanced replacement cost coverage -Replacement cost coverage -Limited depreciation coverage Enhanced Replacement cost