An insurer determines that there is a maximum it wishes to pay on one loss and wants to reinsure any amount that exceeds this maximum. The Re-Insurer will then be called upon to pay any amount that exceeds this maximum. This type of reinsurance is called:

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

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% - confidentiality, compliance), and industry knowledge (20%).
Structure: Often 100 multiple-choice questions with a time limit (e.g., 2 hours).
Requirements: Requires completion of an approved pre-licensing course (e.g., in Alberta/BC) before taking the exam.
Validity: Exam results are generally valid for 12 months for licensing application. 

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