Exam Code: SOFA-CFE
Exam Name: Certified Financial Examiner Exam
Which payments reflect the amount of reinsurance recoverable from reinsurers based upon the amounts paid by the ceding company under reinsured policies?
A. loss adjustment expense
B. premium expense
C. payment assessment expense
D. All of the above
Admissibility test must be applied to determine the amount of deferred tax asset (DTAs) that can be admitted is called:
A. Maximum DTA
B. Minimum DTA
C. Net DTA
D. Gross DTA
Probable future economic benefits obtained or controlled by a particular entity as a result of past transactions or events is called:
B. Determined asset
C. Operating Performance
D. Investment property
What are recognized and accepted by state insurance departments in evaluating the solvency of an insurer for statutory accounting purposes?
B. Determined assets
C. Admitted assets
D. Altered assets
What do not contribute to an insurer’s solvency as measured by statutory accounting requirements?
A. Non-determined assets
B. Non-admitted assets
C. Unacknowledged assets
D. Disallow assets
_____________ is defined as an existing condition, situation, or set of circumstances involving uncertainty as to possible loss to an enterprise that will ultimately be resolved when one or more future event(s) occur or fail to occur.
Which software must be established as a non-admitted asset and written off over a period not to exceed the lesser of the useful life of the software or five years.
A. Non-reliable system
B. Non-secure system
C. Non-operating system
D. Non-expensed system
Income earned as of the reporting date but not legally due to be paid to the reporting entity until subsequent to the reporting date is known as:
A. Investment income accrued
B. Interest income
C. Real state income
D. Investment income depreciated
What bears all of the insurance risk, and there is no possibility of loss or liability to the administrator caused by claims incurred related to the plan.
A. Uninsured Investment Plans
B. Uninsured Accident and Health Plans
C. Real state income Plans
D. Investment Write-off Plans
Material amounts must be capitalized and depreciated, and the un-depreciated amount must be reported as a non-admitted asset.
All investments with remaining maturities (or repurchase dates under repurchase agreements) of one year or less at the time of acquisition are called:
A. Insured investments
B. Long-term investments
C. Short-term investments
D. Cash investments
What represents balances due from brokers when a security has been sold, but the proceeds have not been received?
A. Payable for securities
B. Receivable for securities
C. Security balancing
D. Premium security
Balances due within thirty days of the settlement date are included as a receivable for securities.
When the insurer or the intermediary may prepare a monthly recapitulation of premium and commission transactions between the parties, commonly called:
A. account current
B. account reimbursement
C. balance share
D. premium debts
What include balances due from the insurer’s brokers (collectively referred to as agents’ balances) for premium on policies written?
A. collected premiums
B. account premiums
C. Direct balance
D. Agents’ balances
The asset classification of funds held by or deposited with reinsured companies occurs when:
A. the reporting entity has assumed insurance from only one insurer that owes it funds, according to the payment agreement.
B. the reporting entity has assumed reinsurance from one or more other insurers that owe it funds, according to the reinsurance agreement.
C. the reporting entity has assumed reinsurance necessarily from more then one insurers that owe it funds, according to the interest charges.
D. the reporting entity has assumed authority from one or more other insurers that owe it funds, according to the deposited funds.
Any securities representing a creditor relationship, whereby there is a fixed schedule for one or more future payments are called:
A. Admitted assets
B. Policy imbursement
C. Yield amount
The amount the owner expects to receive when the bond matures is known as:
A. Maturity value
B. Ripe value
C. Par value
D. Developed value
If the price is higher than par, the excess is the ____________; if the price is lower than par, the deficiency is the ____________.
A. bond surplus and bond deficit
B. bond schedule and bond reported
C. bond premium and bond discount
D. bond capitalization and bond depreciated
The amount of the impairment is the difference between the net fair value (appraised) value less estimated costs to sell) of the collateral and the insurer’s recorded investment in:
B. fair value
C. real state
D. valuation of securities
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