Alberta General Insurance Level 1 Practice Exam

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Ace your Alberta General Insurance Level 1 Exam with our comprehensive practice quiz. Tailored to mimic the real test, our quiz offers detailed explanations, expert tips, and all you need to succeed. Start your path to becoming a licensed professional today!

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What does estoppel mean?

A policy endorsement
A legal term for stopping someone from exercising a right later
A type of underwriting authority
A clause related to claim processing

The correct answer is: A legal term for stopping someone from exercising a right later

Estoppel refers to a legal principle that prevents a person or entity from denying a fact or claim due to their previous actions or statements. Option A, a policy endorsement, is not related to legal terms but rather refers to a provision in an insurance policy. Option C, underwriting authority, does not pertain to legal matters but is a term used in the insurance industry to describe the process of evaluating and approving insurance applications. Option D, claim processing, may be related to legal matters but does not encompass the concept of estoppel. Overall, estoppel is a specific term used in legal contexts to hold individuals accountable for their previous actions or statements.