Alberta General Insurance Level 1 Practice Exam

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What does duty of care entail?

  1. Legal responsibilities in financial transactions

  2. Exercise of reasonable care towards others' interests

  3. A contractual obligation for service fees

  4. A binding agreement between tenant and landlord

The correct answer is: Exercise of reasonable care towards others' interests

Duty of care refers to the legal and ethical responsibility to act in a reasonable and prudent manner towards the interests and well-being of others. This can include taking necessary precautions to prevent harm, following established standards of care, and exercising caution in decision making. Options A, C, and D do not accurately describe the concept of duty of care as they do not involve considering the well-being or interests of others. Option A specifically refers to financial transactions, option C mentions service fees, and option D relates to a landlord-tenant agreement. Therefore, these options are incorrect in the context of duty of care.

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