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2021 Sep IIA-CFSA exams

Q141.  (Topic 1) 

Major categories of loans include all of the following EXCEPT: 

A. Commercial loans 

B. Residential loans 

C. Consumer loans 

D. Agricultural loans 

Answer: D 


Q142.  (Topic 1) 

Internal auditors are expected to uphold the following principles: A. Integrity, objectivity, competency 

B. Integrity, objectivity, confidentiality, and competency 

C. Integrity, objectivity, awareness and competency 

D. Integrity, objectivity, entirety 

Answer: B 


Q143.  (Topic 3) 

Risk assessment may be: 

A. Quantitative only 

B. Qualitative only 

C. Both A&B 

D. Qualitative in general and quantitative in specific 

Answer: C 


Q144.  (Topic 3) 

An intelligent risks management platform approaches risk from the: 

A. Higher level 

B. Moderate level 

C. Low/ operational level 

D. Both A and B as it depends 

Answer: A 


Q145.  (Topic 1) 

__________ allows businesses that sell durable goods such as auto-mobiles to finance inventories. As the business sells goods, the loan advance against those goods is repaid. 

A. Term loans 

B. Consumer loans 

C. Installment loans 

D. Floor-plan financing 

Answer: D 


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Q146.  (Topic 5) 

Option’s in major types of life insurance is/are: 

A. May be renewable or convertible to a whole life policy (term life insurance) 

B. May pay dividends, may provide a reduced paid-up policy. Partial cash surrenders permitted (whole life insurance) 

C. May pay dividends minimum death benefit partial cash surrenders permitted 

D. All of these 

Answer: D 


Q147.  (Topic 5) 

Standard and poor’s 500 index, the Dow Jones Industrial average, or the Toronto stock Exchange index is the examples of: 

A. Equity indices 

B. Stock exchange indices 

C. OTC market indices 

D. All of these 

Answer: A 


Q148.  (Topic 5) 

The time that a new group member must wait before becoming eligible to enroll in a group insurance plan is known as the: 

A. Actively-at-work provision 

B. Probationary period 

C. Eligible period 

D. Enrollment period 

Answer: B 


Q149.  (Topic 4) 

Adequate solution for insurance coverage is that: 

A. Which offsets the losses generated by the absence of a key contributor? 

B. Does not impose a financial burden on the business 

C. Establish control of the business to the surviving active owner 

D. All of these 

Answer: D 


Q150.  (Topic 4) 

In variable universal life (VUL) policies the maximum premium standard set was: 

A. To define a maximum cash value per death benefit and to define a maximum premium for a given death benefit 

B. To define a minimum cash value per death benefit and to define a moderate premium for a given death benefit 

C. To define a maximum cash value per death benefit and to define a moderate premium for a given death benefit 

D. None of these 

Answer: A 

372.  (Topic 4) 

Both veteran affairs department and the Federal Housing Administration require an appraisal by a certified or licensed real estate appraiser for transaction valued at: 

A. 200,000or more 

B. 250,000 or more 

C. 225,000-or more 

D. 500,000 or more 

Answer: B