Alberta General Insurance Level 1 Practice Exam

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What is required by fiduciary duty?

  1. Regular financial audits

  2. Disclosure of materially affecting information

  3. Annual reports of company performance

  4. A statement of environmental impact

The correct answer is: Disclosure of materially affecting information

Fudiciary duty is a legal obligation held by one party, the fiduciary, to act in the best interest of another party. In regards to finance, this means that the fiduciary must disclose any information that could materially affect the other party's decision-making. The other options listed, such as regular financial audits, annual reports, and statements of environmental impact, may be important in other contexts but are not explicitly required by fiduciary duty. Therefore, they are not correct answers to this question.

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