Alberta – Your Industry Role and Regulatory Responsibilities

In this course you’ll learn about the Role of an Insurance Agent or Broker and the Regulation of the General Insurance Industry in Alberta.


On completion of this course, students will be able to:

  • differentiate between a broker, an agent, and an exclusive agent
  • describe the licensing levels in Alberta and the requirements of each level
  • demonstrate an understanding of the law of agency and how an agency agreement obligates each party in the agreement
  • define binding authority and explain its purpose
  • explain the importance of full disclosure and utmost good faith in the facilitation of an insurance contract
  • identify the typical duties or steps of a broker or agent in an insurance transaction
  • discuss the role of a broker or agent in the claims process
  • list the customer outcomes and expectations outlined in the Guidance Conduct of Insurance Business and Fair Treatment of Customers (2019) document
  • summarize ethical principles and practices endorsed by the Insurance Brokers Associations of Canada and Alberta
  • demonstrate an understanding of why an errors and omissions insurance policy is needed, the most common causes of claims, and actions that can be taken to manage such claims
  • demonstrate an understanding of the Insurance Act and its Regulations
  • identify the general insurance regulatory bodies and describe their basic roles and responsibilities
  • discuss licensing and continuing education requirements for insurance intermediaries (agents and brokers)
  • explain professional and ethical conduct required by insurance agents and brokers
  • summarize requirements of the privacy acts and apply them to the role of general insurance professionals
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