Alberta General Insurance Level 1 Practice Exam

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What is a responsibility of Alberta Insurance Regulators?

  1. Providing insurance to individuals

  2. Monitoring insurers' compliance with legislation

  3. Distributing profits to the government

  4. Designing insurance products

The correct answer is: Monitoring insurers' compliance with legislation

A responsibility of Alberta Insurance Regulators is to ensure that insurance companies are following the necessary laws and regulations. This involves monitoring insurers' compliance with legislation, which includes making sure they are financially stable and properly handling claims. Providing insurance to individuals (choice A) is not a responsibility of regulators, as they do not directly offer insurance. Distributing profits to the government (choice C) is also not a responsibility, as regulators do not receive profits from insurance companies. Similarly, designing insurance products (choice D) is not a responsibility, as regulators focus on overseeing the operations and compliance of insurance companies rather than creating products.

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