Alberta General Insurance Level 1 Practice Exam

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

Correct Answer:

A legal term for stopping someone from exercising a right later

Explanation:

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.

Access more questions from this quiz

Continue to Alberta General Insurance Level 1 Practice Exam for more practice questions and the full quiz experience.

Access More Questions