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Subsequent to the funding of a loan, the most common document/s obtained is/are:

A.

New or updated appraisals as evidence of the current value of the property

B.

Current financial statements on the borrower or the property, if the property is income producing, as evidence of the borrower’s continuing financial strength and of the property’s continuing ability to produce income

C.

Periodic inspection reports as evidence of the physical condition of the property

D.

Borrower’s financial statements

The date on which the contract becomes effective is known as _.

A.

policy date

B.

report date

C.

reinsurance date

D.

record date

What is made on an instrument-by-instrument basis, generally when an instrument is initially recognized in the financial statements?

A.

Election

B.

Disclosure

C.

Eligibility

D.

Discount

Which of the following may NOT involve a high degree of management judgment and subjectivity and may present risks of material misstatement due to fraud?

A.

Investments

B.

Deferred acquisition costs

C.

Reinsurance

D.

key estimates

What must be properly coded to meet the statutory reporting requirements of the annual statement and to provide statistics to support filling?

A.

Claims data

B.

Insurance act

C.

Risk estimation

D.

Claim settlement

Insurance policies may be classified in which of the following categories?

A.

By policy planning

B.

By type of risks coverage

C.

By kind of insurance underwritten

D.

All of the above

From what the most direct value-based requirements arise which are present in account value accumulation products?

A.

profit margins

B.

policy holding rates

C.

implicit interest rates

D.

withdrawal provisions

Claims adjusting involve:

A.

a field work

B.

an appraisal of risk subject to appropriate supervision

C.

approval by entity’s claims department

D.

All of the above

Which of the following is the objective to the evaluation and risk-accepting function?

A.

Evaluating and acceptability of risk

B.

Determining the premium

C.

Evaluation of entity’s capacity to retain risk

D.

All of the above

In processing ______________, many entities keep a single file for each insured event, with separate identification of each claimant.

A.

Insurance claim

B.

transaction cycle

C.

Liability claim

D.

Compensation period