Alberta General Insurance Level 1 Practice Exam

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Which of the following is NOT a way in which insurance brokerages are similar to other businesses?

  1. Subject to the same employment regulations

  2. Exempt from income taxes

  3. Incorporation rules apply

  4. Consumer protection laws apply

The correct answer is: Exempt from income taxes

Insurance brokerages, like many other businesses, are subject to the same employment regulations, incorporation rules, and consumer protection laws. They are not exempt from income taxes like some non-profit organizations may be. This sets them apart from other businesses in terms of taxation, but they still must follow the same regulations and laws.

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