Alberta General Insurance Level 1 Practice Exam

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What does 'Prescription' refer to in an insurance context?

  1. A medical prescription covered by the policy

  2. The period in which a claim may be brought by the policy holder

  3. A directive to pay a certain amount

  4. The inclusion of specific medications under a policy

The correct answer is: The period in which a claim may be brought by the policy holder

Prescription in an insurance context refers to the period of time in which a policy holder must make a claim for coverage. Option A is incorrect because it refers to a medical prescription, which is a term commonly used in healthcare. Option C is incorrect because it refers to a directive to pay a certain amount, which is more closely related to the term "bill" or "invoice". Option D is incorrect because it refers to the inclusion of specific medications under a policy, which is a term commonly used in healthcare and not specific to insurance. Therefore, the correct answer is B, as it accurately describes the term "prescription" in an insurance context.

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