Alberta General Insurance Level 1 Practice Exam

Insurance is not a legal agreement to share knowledge (A) because it typically involves monetary compensation for financial losses, not the sharing of knowledge. It is also not a document detailing ownership of property (C) because it does not pertain to the ownership of physical assets. Likewise, it is not a license for professional practice (D) as it does not pertain to one's professional abilities or skills. The correct answer, B, is a contract in which one party agrees to provide financial reimbursement to another in the event of a specified loss or damage.