Alberta General Insurance Level 1 Practice Exam

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What does 'competency' refer to in enhancing ethical values in the insurance profession?

  1. Having advanced degrees and certifications

  2. Being knowledgeable, proficient and properly trained

  3. Being the top salesperson

  4. Prioritizing client recruitment over service

The correct answer is: Being knowledgeable, proficient and properly trained

Competency refers to having the knowledge, skills, and proficiency to perform a job or task effectively. In the context of enhancing ethical values in the insurance profession, it means being knowledgeable about ethical standards, proficient in applying them, and properly trained to uphold them. Option A may contribute to competency, but it is not the only factor. Option C is focused on sales performance rather than ethical values, and Option D goes against the fundamental principle of prioritizing the client's needs over personal gain. Therefore, Option B is the most appropriate and comprehensive answer in this scenario.

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