Alberta General Level 1 Insurance Practice Questions

Multiple-choice exam question from the Alberta Level 1 insurance exam asking which document is used exclusively to add coverage to an insurance policy. The correct answer, 'Rider,' is selected.
Practice exam question for the Alberta Level 1 insurance course: A rider is the document used exclusively to add coverage to an insurance policy.
Short answer exam question from the Alberta Level 1 insurance course asking students to list and explain the four ways to deal with risk. The model answer shows controlling, avoidance, retention, and transfer (CART) with brief explanations and pros and cons.
Practice exam question for the Alberta Level 1 insurance course: The four ways to deal with risk are Controlling, Avoidance, Retention, and Transfer (CART), each with unique pros and cons.
Multiple-choice practice exam question from the Alberta Level 1 insurance course asking which type of risk is not insurable. The correct answer, 'Speculative risk,' is selected, with an explanation that speculative risks involve possible gains, such as investing or gambling, and therefore cannot be insured.
Practice exam question for the Alberta Level 1 insurance course: Speculative risk is not insurable because it involves the possibility of both gains and losses, unlike pure risk which only involves loss.
Multiple-choice practice exam question from the Alberta Level 1 insurance course asking what elements are special to insurance contracts. The correct answers are Insurable Interest, Utmost Good Faith, and Indemnity.

Practice exam question for the Alberta Level 1 insurance course: The elements special to insurance contracts are Insurable Interest, Utmost Good Faith, and Indemnity.
Multiple-choice practice exam question from the Alberta Level 1 insurance course asking what is the most realistic way to deal with risk. The correct answer, 'Transfer,' is selected.
Practice exam question for the Alberta Level 1 insurance course: The most realistic way to deal with risk is Transfer, such as shifting financial loss to an insurer through insurance.
Short answer practice exam question from the Alberta Level 1 insurance course asking about ways changes can be made to insurance policies. The model answer lists endorsement, rider, and floater with explanations.
Practice exam question for the Alberta Level 1 insurance course: Changes to insurance policies can be made through endorsements, riders, and floaters.

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