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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.
If a surgeon loses a hand, she may not be able to perform surgery. If she has an ____________ policy, she would be able to recover, even though she can still work as a doctor in a nonsurgical field. If she has a ____________ policy, there would be no recovery, even if the surgeon’s only possible alternative is to be a tour guide.
The benefits of tax deferral will out weigh the costs of a variable annuity only if the investor holds it as:
Managed care has effectively formed a “go between,” ________________ by existing as the gatekeeper between payers & providers and patients.
A heath services delivery organization that offers the option its members choose to receive a service form participating or a non-participating provider which one of the following best suits to the definition?
Defined benefits & defined contribution plans and individual retirement accounts are commonly administered:
____________ is a form of insurance, to move risk from someone major loss to someone who could absorb the loss, or is able to hedge against the risk by buying some other derivative.
Leases allow a customer to use an institution’s property for a specified period. Most lease agreements give the lessee the option of purchasing the property:
A firm is trying to acquire another company. This is called ____________, and all the participants involved must register with the SEC.
Which of the following are typical information system controls that are used to ensure properly authorized transaction?
I. Online validation routines that check dollar authority limits.
II. Online user access controls.
III. Automated balancing and reconciliation routine.
IV. Edits that validate full completion of data input fields.
Which of the following type/s of company/ies is/are defined by Investment company act?
Banks often make loans to officers, directors, employees, and principal shareholders. Discloser of these related-party transactions is required:
A contract whereby one undertakes to indemnify another or pay a specified amount upon determinable contingencies is called:
Pension plans that an Employer establishes for retired or disabled employees, regardless of whether an employee contributes, are known as:
___________ supervise domestic and international activities of national banks and perform corporate analysis.
Banks that performs variety of services for other bank, e.g. they make emergency loans to banks that are short of cash and clear cheques that are drawn and paid out by different banks are called:
While the SEC review is in progress, the issuer can circulate a preliminary prospectus to determine the interest in issue. The preliminary prospectus must include all of the following EXCEPT.
Nature of internal audit activities and quality criteria against which the performance of these services can be evaluated is best portrayed by:
Basel II aims to improve the security and long-term viability of the financial system by focusing on bank’s ____________
Once the underwriter has reviewed all of the file documentation provided, he or she will be issued a written decision .The decision may be one of the following:
Insurance contracts are also considered ____________ in that they are legal documents that required the insurer to pay if covered events occur. Because the insurance company creates the contract, it is liable if there are any ambiguities in the contract language.
The enterprise- wide risk management approach focuses both on familiar financial risks and harder to measure—though equally important:
Under the principles of bank accounting, loans reported as non-performing have not yet been charged off as _____________.
For Example one exception in 1000 cases is probably not the reason enough to recommend overhauling the entire system, although the final answer must be derived from the context and the condition of the related control system. Which one of the following statements is clearly supported by this example?
An organization might decide that the risk of fire is high so it will pay a high premium on its fire insurance policy to transfer the risk as much as possible. However, the organization will still have to pay deductible amount on the policy if a fire occurs. This scenario depicts:
When a loan becomes delinquent or when collection seems unlikely, banks often suspend:
Which of the following is a limitation in an audit that affects auditors’ ability to detect material misstatements?
“Internal auditors make a balanced assessment of all the relevant circumstances and are not unduly influenced by their own interests or by others in forming judgments.” This statement best explains one of the following principles:
Financial institutions regularly identify uncollectible accounts and charge them off against the reserve of:
IIA’s code of ethics applies to __________ that provide internal auditing services:
After implementation of a drop out recovery program, employment rate rose. The drop out recovery program is responsible for increases in employment and look for possible economic or other factors that might have contributed to the rise. This example may be referred towards:
“Ongoing monitoring activities are conducted to periodically reassess risk and the effectiveness of control risk,” is an objective of:
Which of the following statements is NOT related to competency principle of internal auditing? Internal auditors:
In the United States, banks are required to report cash deposits that exceed $10,000 a day to any one account, regardless of how many branches or deposits have been used in the transactions. Banks are also required to report when cash is used to purchase cashier’s checks, money orders, traveler’s checks, or bank checks in excess of $3000. In the Untied States, accounts are federally insured by the Federal Deposit Insurance Corporations (FDIC). An individual is limited to __________ in insurance coverage at each bank (including branches).
Although these rights do not always exist, if they do, shareholders are entitled to buy any new issue of stock in proportion to their holdings. If a person owns 5% of a corporation, then he or she would have the right to buy 5% of newly issued shares. These are:
Auditors should be aware that the investment objectives of a mutual fund are usually based on a risk profile outlined in the fund prospectus. For example, aggressive growth funds may invest in highly volatile stock issues and a money market fund may invest in lo –risk money market instruments. Other funds have investment objectives based on the type or location of companies they invest in, such as:
“An element of information, from a transaction to an entire system, is appropriately entered, developed, changed, or used with proper authority.” Which of the following element of integrity supports this statement?
“A valid contract involves each party giving something of value. This exchange of value, or consideration, may take the form of money, action, or promise. For insurance contracts, the insured’s consideration is the payment or premiums and a promise to fulfill the conditions of the contracts, and the insurer’s consideration is the promise to pay after a loss occurs.” This is related to an element in an insurance policy contract. It is known as:
__________pays damaged insured by the injured and the insured’s passenger when injured in an auto accident caused by a motorist without liability insurance. The coverage also covers accidents caused by hit-and-run drivers.
Derivates can be effective low cost tools for managing expose experience losses due to:
Continuous monitoring in systems and networks is a by-product of the increasing demand for immediate and continuous access to reliable information. Advancements in information monitoring and analysis are being accelerated both by increasing demands for timely and accurate information and by advances in technology that contribute to the:
Which of the following is/are included in the specific steps for auditing short-term investments?
System tailoring is accomplished by setting optional system parameters and, therefore, has an impact on system performance and security. Control techniques for system’s software include:
Municipal bonds are issued by state and local governments, U.S. territories, and non-federal public agencies such as school districts, cities, and airport authorities. Municipal debt is considered the second safest form of debt security after U.S. government obligations. Some types of municipal bonds include all of the following EXCEPT:
____________ are the instruments with maturities of 30 years for new issues (10-to-30-years issues were allowed in the past). The amounts range from $1,000 to $1,000,000 and are sold at auction in a manner similar to that for treasury notes.
The European Central Bank is the central bank for the Europe’s single currency, the EURO.
The ECB’s main task is to maintain the EURO’s:
All the statements mentioned below are clear and compelling business benefits of a strategic approach to enterprise-wide risk intelligence; EXCEPT:
Life insurance that can be made valid up to a certain age or period is called ___________. This insurance coverage continues up until an agreed time without having to be renewed.
Securities products include:
1. Trusts
2. Annuities
3. Derivatives
4. Stocks
5. Bonds
6. Commodities
7. Mutual Funds
8. Pension Funds
9. Term Loans
10. Asset Management
11. Money Market Products
TESTED 04 May 2024
