Alberta General Insurance Level 1 Practice Exam

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What makes an All-risks policy unique?

  1. It covers only specified perils

  2. It covers every loss except those specifically excluded

  3. It is only available for commercial properties

  4. It provides coverage exclusively for fire and explosion

The correct answer is: It covers every loss except those specifically excluded

An all-risks policy is unique because it provides coverage for all types of losses or damages, unless they are specifically excluded. This makes it more comprehensive than a policy that only covers specified perils (A), which may leave out certain risks. Additionally, an all-risks policy is not limited to commercial properties (C) and provides coverage for a wide range of perils, not just fire and explosion (D). Therefore, the answer is not A, C, or D.

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