Alberta General Insurance Level 1 Practice Exam

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What must applicants for insurance disclose?

  1. Only information they consider relevant

  2. Anything asked by friends and family

  3. All material facts necessary to underwrite a policy

  4. Their personal opinions on the insurer

The correct answer is: All material facts necessary to underwrite a policy

Applicants for insurance must disclose all material facts necessary to underwrite a policy. This includes information that may not seem relevant to the applicant, but is considered important by the insurer in determining the risk associated with insuring that individual. Options A and B are incorrect because they suggest that the applicant can choose what information to disclose, when in reality they are required to provide all relevant information. Option D is incorrect because it is unrelated to the question of disclosing information for insurance purposes.

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