Alberta General Insurance Level 1 Practice Exam

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What is agreed upon in a Policy Agreement?

  1. The insured agrees to provide insurance

  2. The insurer agrees to pay all premiums

  3. The insurer agrees to provide insurance in accordance with the policy terms

  4. The insured agrees to cover all perils without exclusions

The correct answer is: The insurer agrees to provide insurance in accordance with the policy terms

A and B are incorrect because the insurer is responsible for providing insurance, not the insured. D is incorrect because there may be exclusions listed in the policy that the insured does not agree to cover. A Policy Agreement is a legally binding contract between the insured and the insurer where both parties agree to the terms and conditions outlined in the insurance policy. Option C is the correct answer because it accurately reflects the agreement made by the insurer to provide insurance in accordance with the terms stated in the policy. The other options are incorrect because they do not accurately reflect the responsibilities of each party in a policy agreement.

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