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2021 Sep IIA-CFSA exam answers
Q151. (Topic 5)
The benefits of an endowment insurance policy include all of the statements mentioned below EXCEPT:
A. Ideal combination of investment and insurance coverage
B. Attractive return and maximum security
C. Amount paid out is guaranteed and taxable returns
D. Both A&B
Answer: C
Q152. (Topic 3)
Whole life policies accrue a cash value that the insurer must surrender to the policyholder if the policy does not remain in force until the policyholder’s death. The actual cash value payable to the policyholder in this circumstance would be:
A. Plus any surrender charges
B. Less any surrender charges
C. Plus policy repayments outstanding
D. Less any surrender charges and policy repayments outstanding
Answer: D
Q153. (Topic 3)
Underwriting decisions are more influenced by what underwriters think they can sell to the public than _____________.
A. Quality of the company
B. Judgment in picking the IPO
C. Estimated profit/gains
D. Both A&C
Answer: A
Q154. (Topic 1)
Auditors can use background information to define and modify:
A. Scope of the audit
B. The likelihood that a risk will occur
C. Activity reports
D. Audit Criteria (Reasonable, attainable, and relevant)
Answer: A
Q155. (Topic 5)
Close-end funds are traded on:
A. A primary market
B. Secondary market
C. Tertiary market
D. Are not traded anywhere
Answer: B
Updated IIA-CFSA practice exam:
Q156. (Topic 1)
A trust agreement is called:
A. Trust paper
B. Trust agreement document
C. Both of these
D. None of these
Answer: D
Q157. (Topic 2)
Due from bank balances are used to:
A. Ensure liquid reserves
B. Protect stored data
C. Restrict physical access to cardholder
D. Facilitate the transfer of funds and to use as compensation for correspondent bankingservices
Answer: A,D
Q158. (Topic 4)
Asset-based financing involves loans that are secured by the borrower’s:
A. Fixed assets
B. mortgages
C. Current assets
D. All of these
Answer: C
Q159. (Topic 5)
Which of the following is least expensive form of life coverage, at least initially?
A. Variable life insurance
B. Whole life insurance
C. Term life insurance
D. Permanent life insurance
Answer: C
Q160. (Topic 4)
When one party trades a variable interest rate for a fixed interest rate or vice versa then __________ occurs.
A. Future contracts
B. Interest rate swap
C. Option
D. Forward contracts
Answer: B