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!

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What is NOT a function related to the accounts receivable process in a Broker's Accounting System?

Collection of premiums
Investment in stocks
Verification of billings from insurers
Control of money owed to the agency

The correct answer is: Investment in stocks

Possible explanation The other options A, C, and D are all functions related to the accounts receivable process in a Broker's Accounting System, which involves managing the money owed to the agency by its clients. Collection of premiums refers to collecting payments from clients for insurance policies, verification of billings from insurers refers to reconciling the agency's records with the amounts billed by insurance companies, and control of money owed to the agency involves monitoring and tracking outstanding balances. Option B, investment in stocks, is not directly related to the accounts receivable process and refers to the agency's decision to invest its funds in the stock market. Therefore, it is the only option that is not a function related to accounts receivable in a Broker's Accounting System.