Alberta General Insurance Level 1 Practice Exam

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What characterizes a healthy insurance marketplace?

  1. Highly competitive pricing only

  2. Products that are not readily available

  3. Fair treatment of insureds and claimants

  4. Only insureds' needs are met

The correct answer is: Fair treatment of insureds and claimants

A healthy insurance marketplace is one where insurance companies treat their insureds and claimants fairly. This means that insurance companies do not try to take advantage of their customers, deny legitimate claims, engage in discriminatory practices, or display any other unethical behavior. Options A, B, and D are not correct as they fail to address the fair treatment of insureds and claimants. Option A only focuses on competitive pricing, which does not guarantee that insureds will be treated fairly. Option B suggests that products should be scarce, which does not benefit customers who need insurance. Option D only takes into account the needs of insureds, disregarding the rights and protection of claimants. In conclusion, a healthy insurance marketplace requires fair treatment of both insureds and claimants.

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