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2021 Sep IIA-CFSA actual test
Q181. (Topic 2)
Most of the group health policies contain a _____________to prevent individuals covered under more than one plan from receiving benefits greater than the expense incurred.
A. Coordination of benefits provisions
B. Preexisting condition provision
C. Consumer-driven health
D. Renewable term provision
Answer: A
Q182. (Topic 4)
Some specific requirements of securities and exchange 1934 Act are:
A. Registration Requirement
B. Credit Regulation
C. Manipulation and Deception
D. All of these
Answer: D
Q183. (Topic 1)
Trust departments provide services to publicly held companies related to issuing and maintaining:
A. Stock transactions
B. Stock balances
C. Stock threshold
D. None off these
Answer: A
Q184. (Topic 5)
The main objective/s of an audit of swaps is/are: A. To determine the adequacy and effectiveness of controls relating to rate swap transactions
B. To ascertain that swap transaction are properly recorded in accordance with their term
C. To ensure that the company’s financial statements and regulatory reports properly reflect in accordance with generally accepted accounting principles, the results of swap activity
D. All of these
Answer: D
Q185. (Topic 5)
Guaranteed investment contracts are contracts between:
A. A bank and insurance company
B. An insurance company and a corporate retirement plan
C. A retirement plan and a brokerage house
D. None of these
Answer: B
Far out IIA-CFSA training:
Q186. (Topic 4)
A major function of NAIC is to encourage __________ among state insurance departments through the development of model bills and regulations.
A. Consistency
B. Uniformity
C. Regularity
D. All of these
Answer: B
Q187. (Topic 5)
Adequate procedures and controls associated with swap transactions should exist to help minimize the risks inherent in transaction process. Example/s of these controls may include:
A. A daily reconciliation of traders’ positions should be performed
B. To minimize market risk in hedge transactions: There should be independent sign-off procedures for hedging models All hedge strategies should be clearly defined All software and products should be secure and temper resistant
C. All transactions should be authorized and affirmed
D. All of these
Answer: D
Q188. (Topic 4)
Notes are debt instruments issued to:
A. A broker
B. An agent
C. A single investor
D. A single investor managing a portfolio
Answer: C
Q189. (Topic 2)
This agreement occurs when a security is sold with an agreement to buy it back. The repurchase date is usually very short term, often one day. Dealers sell a portion of their securities to entities with cash reserves and agree to buy them back for the principal plus interest. What is this?
A. Certificate of deposit
B. Commercial Paper
C. Money market fund
D. Repurchase agreement
Answer: D
Q190. (Topic 2)
Off-balance-sheet usually means an asset or debt or financing activity not on the company’sbalance sheet. It could involve a lease or a separate subsidiary or a contingent liability such as
___________.
A. A letter of credit
B. Scrutiny
C. Debt securities
D. Term papers
Answer: A