Alberta General Insurance Level 1 Practice Exam

Disable ads (and more) with a membership for a one time $4.99 payment

Ace your Alberta General Insurance Level 1 Exam with our comprehensive practice quiz. Tailored to mimic the real test, our quiz offers detailed explanations, expert tips, and all you need to succeed. Start your path to becoming a licensed professional today!

Start Multiple Choice Practice Test
Start Flash Cards

Practice this question and more.

What does the Alberta Automobile Insurance Rate Board do?

  1. Handles insurance complaints

  2. Establishes guidelines for premium levels

  3. Carries out investigations

  4. Collects insurance premiums

The correct answer is: Establishes guidelines for premium levels

The Alberta Automobile Insurance Rate Board (AAIRB) establishes guidelines for premium levels in order to protect insurance consumers and to create a fair and competitive insurance marketplace. While options A, C, and D are related to the insurance industry in some way, they do not accurately describe the main purpose and function of the AAIRB. Option A refers to a separate entity known as the Alberta Insurance Council, which handles complaints and enforces industry regulations. Option C may be performed by the AAIRB, but it is not their main role. Option D could be a function of insurance companies, but it is not something that the AAIRB handles directly. Overall, option B is the best answer as it specifically mentions the AAIRB's role in establishing premium guidelines.

More Questions Like This