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The ten largest companies account for what percent of life insurance sales in Canada?
Selling a stream of contingent revenues to another party, at a discount to the expected value is called:
What are designed primarily to accumulate a fund for eventual liquidation via annuitization, so the savings element is predominant?
A substantial investment is defined as any investment comprising more than 15 percent of an enterprise’s voting shares or greater than 35 percent of its equity.
is the price in a hypothetical transaction at the measurement date in the market in which the reporting entity would transact for the asset or liability
The deduction must be based on identification of specific doubtful amounts and is limited to the maximum of doubtful debts identified in the year or a preceding year and 75 percent of the amount reported for statutory purposes.
What are especially effective in investment strategy, because of the powerful risk management attributes they provide?
Scope of Examination and Report of Independent Certified Public Accountant states that:
The nature and extent of interest rate risk, credit risk, reinsurance risk and other significant risks should be disclosed is required for:
What confirms the hypothesized interest rate sensitivities and shows that the two lines of business are fairly complementary?
An entity method is applied to corporate joint ventures and to investments in certain less than majority-owned companies in circumstances where:
What is characterized by liabilities “shorter” than assets, which can lead to the liquidation of assets at depressed values in times of higher than expected interest rates?
The Annual Statement reporting requirements for the participating and nonparticipating branches is limited to major and secondary lines of business, but a company would:
All operations under common control are combined, intercompany balances and transactions are eliminated and the effects of minority interests are recorded through:
Financial statements of a self-sustaining foreign operation are translated using the current rate method whereby assets and liabilities are translated in the reporting currency using the exchange rate.
When dividends are left to accumulate at interest, the insurer typically sends a notice to each policyholder showing the amount accumulated at the end of the policy year. The notice also shows the dividend credited and interest earned for that policy year. The dividend left at interest may later be received by or credited to the policyholder in several ways. Which of the following is/are out of those ways?
Many companies have developed an asset/liability management approach that is founded on understanding product liabilities. Mortgages meet the primary objective of maintaining:
Direct serving loans method requires a system of good internal control and requires that the functions be split between the Accounting Department and the Investment Department. The Investment Department is responsible for promptly supplying the Accounting Department with:
The potential for loss resulting from changes in market interest rates are known as:
The highest and best use of the asset is ______________, if the asset would provide maximum value to market participants principally on the standalone basis.
________ are contracts with the insurer which provide for periodic payments over a specified period or in specified amounts. In most respects they are administered and accounted for much like supplementary contracts without life contingencies since there are no mortality or morbidity considerations that affect the amount to be paid.
A premium deficiency relating to which insurance contracts indicate a probable loss on premiums yet to be earned.
Average severities projection method uses various claim count and average cost per claim date on either a paid or insured basis.
The method which assumes that an entity’s experience in estimating case-basis reserves will be repeated in the future is called:
The balloon payment technique uses level payments of principal and interest but for a shorter period than is required to retire the loan fully during its term. For example, a loan with a 8.5 percent interest rate utilizing a 25-year amortization schedule with a 7-year maturity results in only $111 of each $l,000 principal being repaid. Thus, $889 of each $l,000 originally borrowed constitutes the balloon amount due at maturity.
A package of coverage including most property and liability coverage except workers’ compensation, automobile insurance and surely bonds is called:
The price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date is called:
The establishment of loss reserves generally requires considerable judgment and knowledge of the entity’s business is known as:
In which premium income less return premiums arising from policies issued by the entity collecting the premiums and acting as the primary insurance carrier?
In what, securities involve in repos are not delivered on the settlement date of the agreement and the contract may be extended upon mutual agreement of the buyer-lender and seller-borrower.
Inflation in Defense & Cost Containment (DCC) is evaluated separately and is estimated to occur at the same rate as the rate of inflation in the losses.
Savvy sales agents, acting in the interests of their clients, instigate surrenders of the original policies and placement with the new insurers, this phenomenon is known as:
TESTED 16 May 2024
