Alberta General Insurance Level 1 Practice Exam

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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!

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

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What is a tool of an underwriter?

  1. Actuarial science

  2. Claims knowledge-loss experience

  3. Marketing strategies

  4. Customer service skills

The correct answer is: Claims knowledge-loss experience

An underwriter is responsible for evaluating risks and determining insurance premiums for clients. They analyze data and information from several sources to make an informed decision. Out of the given options, actuarial science is not the right answer because it is a branch of mathematics that deals with the assessment of risk. Although this is an essential tool for insurance companies, it is not directly used by an underwriter. Marketing strategies and customer service skills are not appropriate answers either as they are skills and strategies used by sales and customer service teams respectively. The correct tool for an underwriter is claims knowledge-loss experience as it involves assessing past losses and determining the risk associated with an individual or organization. This helps the underwriter in accurately setting insurance premiums for clients.