Alberta General Insurance Level 1 Practice Exam

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What is the role of the Alberta Insurance Council?

  1. Regulates insurer rating programs

  2. Responsible for licensing of agents and brokers

  3. Analyzes data to set rates

  4. Ensures safety of capital through investment

The correct answer is: Responsible for licensing of agents and brokers

The role of the Alberta Insurance Council is to oversee and regulate the insurance industry in Alberta. While all of the options may seem plausible, only answer B is the specific role of this council. Option A is incorrect because insurer rating programs are typically regulated by the government, not the insurance council. Option C is incorrect because analyzing data to set rates is typically done by individual insurance companies, not a governing body like the insurance council. Option D is incorrect because ensuring the safety of capital through investment is typically regulated by a separate governing body, such as a financial services commission. Overall, the primary responsibility of the Alberta Insurance Council is to license and regulate agents and brokers within the insurance industry.

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