Alberta General Insurance Level 1 Practice Exam

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What are the roles of the Insurance Bureau of Canada?

  1. Processing insurance claims

  2. Advocating industry positions and monitoring issues

  3. Offering insurances directly to consumers

  4. Providing financial support to insurance companies

The correct answer is: Advocating industry positions and monitoring issues

The other options are incorrect because processing insurance claims and offering insurances directly to consumers are tasks typically carried out by individual insurance companies, not the Insurance Bureau of Canada. Providing financial support to insurance companies is also not a role of the Insurance Bureau of Canada. Instead, their main focus is on advocating for industry positions and monitoring issues related to the insurance industry. This includes initiatives such as promoting best practices and consumer protection, conducting research and data analysis, and working with government and regulatory bodies to address industry concerns.

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