Alberta General Insurance Level 1 Practice Exam

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What defines Specified Perils in an insurance policy?

  1. Coverage for all possible perils

  2. Perils that are specifically excluded from the policy

  3. Perils insured against that are specifically named in the policy

  4. The unpredictability of the insurance coverage

The correct answer is: Perils insured against that are specifically named in the policy

Specified Perils in an insurance policy refers to the specific perils or risks that are listed and covered under the policy. This means that only the perils that are specifically named will be covered by the insurance, as opposed to "Coverage for all possible perils" (A) which would include any and all risks. Option (B) is incorrect because specified perils are not exclusions, but rather inclusions in the policy. Option (D) is also incorrect because the definition of specified perils does not pertain to the unpredictability of insurance coverage.