Alberta General Insurance Level 1 Practice Exam

Which of the following is key characteristic of insurance agents?

1. They own their client list

2. They work for multiple insurers

3. They receive training from insurance companies

4. Their business belongs to the client

The correct answer is: They receive training from insurance companies

Insurance agents are employed by insurance companies and receive training from them, so they are knowledgeable about the products and services offered by their company. Option A is incorrect because agents do not "own" their client list, they are simply responsible for managing and maintaining it. Option B is incorrect because agents typically work for one insurance company and represent their products exclusively. Option D is incorrect because the agent's business belongs to the insurance company, not the client.