GENERAL INSURANCE LEVEL 2 LICENSE ALBERTA INSURANCE 70+ EXAM 2024 QUESTIONS AND ANSWERS GRADED A+

GENERAL INSURANCE LEVEL 2 LICENSE ALBERTA INSURANCE 70+ EXAM 2024 QUESTIONS AND ANSWERS GRADED A+ 1. Which groups are the owners of the following company types? Mutual Companies Stock (Publicly traded) Companies Stock Companies are owned by the shareholders Mutual companies are owned by the policyholders 2. Which office is responsible for the administration of the Insurance Act in each province? 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. 3. 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? for 7 days (1 week) or the expiry date of the policy, whichever comes first 4.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