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Insurance General Level 1 Licensing Exam
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The Insurance General Level 1 Licensing Exam is a mandatory entry-level exam for individuals seeking to become licensed insurance brokers or agents for general insurance (property and casualty). It tests knowledge of insurance principles, policies (auto, property), and industry ethics, typically requiring a passing score of 70% to apply for a license.  Key Aspects of the General Level 1 Exam: Purpose: Qualifies candidates to sell and advise on general insurance products. Content Focus: Covers technical skills (60% - risk management, policy details), ethics and professionalism (20% -... Show more
Insurance General Level 1 Licensing Exam
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25 Questions

1. The Standard Homeowner's Policy contains several sections relating to property. Under section entitled 'Building Coverage' which of the following is covered?
2. Under a Personal Article Floater, it is NOT permissible to insure the following:
3. Johnny rents his basement of his home to his mother, who does in fact pay rent. There is a fire in the household which results in a loss to both Johnny's property and his mother's contents. Whose policy will respond?
4. Under a Standard Automobile Application form, which of the following statements by an Insured could void loss payment under Section C?
5. What does the term Habitational Policy refer to?
6. An Insured purchases a lot for $22,000 and builds a home on it that costs him $97,500. For insurance purposes, to insure for 100% of value, the policy would be for the sum of:
7. Our insured owns a hair salon. They sell products for hairstyling, including hairspray, spritz, mouse and gels as well as hairdryers and straightening irons. They have gels and mousse for use inside the salon when styling hair with their owned hairdryers. Which of the following is considered covered under stock coverage?
8. The conditions of a policy of 'fire' insurance stipulate that insurance coverage expires at:
9. 'Insurable Interest' means:
10. Under the Liability Section of a Habitational Form, for coverage to be provided for bodily injury or property damage it must be:
11. Under the Statutory Condition regarding Termination of a policy, insurance contracts can be cancelled at any time by the insured provided such request is received in writing and the loss payee is notified. If this is the case, the insurer's obligation is to return unused premium on a _________ basis:
12. Under Coverage H of a Property Policy, Voluntary Compensation for Residence Employees, there is NO coverage for:
13. Property of an insured that has been damaged by an insured peril may be subject to further damage. Taking precautions to reduce further loss is the responsibility of the insured as set out in Statutory Condition #9 titled:
14. Business Interruption Insurance, the earnings from:
15. Which of the following are NOT optional for Coverage A habitational policies?
16. A broker's binding power are conveyed though:
17. The Additional Agreements in Section C of the S.P.F. No1 waives subrogation under Section C against every person, who with the Insured's consent has care, custody, or control of the vehicle:
18. Under a Standard Homeowner's Policy, which of the following would be covered?
19. The Alberta Insurance Rating Board GRID rating program in Alberta
20. Before an Insurer or client can recover from the broker:
21. The Statutory Conditions of Insurance policies relating to termination allow that the cancellation of a policy by an insurer, giving notice to an insured in the following manner:
22. The Homeowner's Policy excludes coverage against freezing of plumbing systems during the normal heating season but only if inhabitants were absent for:
23. According to the General Provisions of an S.P.F. No1, the policy would NOT apply:
24. The Tenant's Package Policy is the same as the Homeowner's Basic Policy EXCEPT with respect to:
25. Which of the following is a situation that is common cause of E & O claims?

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