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 the purpose of a trust account?

To manage investments for a business
To hold funds for day-to-day operations
To manage an individual's personal savings
To manage funds for the benefit of another

The correct answer is: To manage funds for the benefit of another

A trust account is specifically designed to manage funds for the benefit of another person or entity. This means that the account is not used for investments for a business, holding funds for day-to-day operations, or managing an individual's personal savings. The purpose of a trust account is to ensure that the designated beneficiary receives the funds and benefits from them accordingly, rather than the funds being used for any other purpose.