Alberta General Insurance Level 1 Practice Exam

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What type of business model do insurance brokers follow?

  1. They work solely for one insurance company

  2. They are independent and own their client list

  3. They are paid solely on a salary basis

  4. They are government employees

The correct answer is: They are independent and own their client list

Insurance brokers are independent and work with multiple insurance companies to find the best options for their clients. Option A is incorrect because insurance brokers are not tied to one specific insurance company. Option C is incorrect because insurance brokers are typically paid on a commission basis. Option D is incorrect because insurance brokers are not government employees.

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