IIA-CFSA Exam Questions

Which of the following accounts would NOT be found on a life insurance company's statutory financial statements?

Recent activities in the marketplace have caused your company to comply with requests from 50 percent of your policyholders to cancel their policies. The company complies and refun...

Which two of the following characteristics apply to universal life insurance policies?

A manufacturer wants to protect the company from financial loss resulting from third-party lawsuits. The manufacturer has learned of several recent jury awards over $7 million for...

The two most common types of commercial insurance companies are:

The benefits of an endowment insurance policy include all of the statements mentioned below EXCEPT:

Endowment policies are similar to___________ policies in that premiums are usually level through the term of policy and the policies build cash values.

A __________ is a health insurance plan where medical treatment is fully covered if provided by doctor or a hospital belonging to PPO'S network of health care providers.

Managed care health techniques are most often practical by organizations and professionals that assume risk for a/an:

Managed care has effectively formed a "go between," ________________ by existing as the gatekeeper between payers & providers and patients.

HMO (Health maintenance organization) must meet the specifications of the federal HMO act as well as meeting many rules and regulations required at state level. There are following...

A health services delivery organization that offers the option to its members to choose to receive a service from participating or a non-participating provider. Which one of the be...

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...

Typically, the costs associated with receiving care from the "in network" or approved providers are ______________ when care is rendered by non-contracting providers.

Which of the following way best defines disability insurance?

Major types of individual long-term disability policies are all EXCEPT:

When purchasing a flood insurance policy, there is a standard 30-day waiting period for new applications and endorsements for coverage. Exclusions of flood insurance are all EXCEPT...

A less satisfactory option in dental insurance is the:

Deductibles for dental insurance plans are _________

In utilization management, utilization reviews begin with a preadmission certification. In such situations, insureds must make notification within 48 hours of admission or face red...

Liability insurance is a part of general insurance system of _________.

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

Which of the following statements about endowments is correct?

In which of the following ways are calls and put options used by the options investor in purchase and sales transaction?

In which of the following ways would the writer of an uncovered call usually make a profit?

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

I - In term life insurance premium increase with age no cash value. II- In whole life insurance high cost is involved if you surrender early. Usually no cash value for at least thr...

Traditionally, insurance is paid:

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.

Which of the following is NOT the benefit of an endowment insurance policy?

Here are the following major types of long-term disability policies EXCEPT:

Premiums can be increased and your coverage can be cancelled in the event certain conditions stated in the policy are triggered. This is in the case of:

Business continuation insurance protects a business against the potential economic loss resulting from the passing or disability of key executives and/or employees. This is the ins...

Individuals can invest in REITs:

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 M...

The objective/s of a trust department audit is/ are to:

The objective/s of trust department's administration of corporate trust accounts include:

Personal trust accounts may be:

Trust under will is a term referred to:

The administration of personal trust accounts is primarily controlled by all of the following EXCEPT:

Which one of the following is not commonly granted trustee's powers?

Defined benefits & defined contribution plans and individual retirement accounts are commonly administered:

Performance as _____________ is normally the only true trust relationship administered by a corporate trust department.

Charitable trust that is an irrevocable trust and that may be testamentary or inter-vivos (Between living persons) is called:

The responsibility of setting an estate includes:

Unlike trust, there is no conveyance of title to the account assets. When the ________ relationship is established; legal title to the property remains with the principal.

To server as family and/or financial planning tool To provide for retirement To obtain favorable tax treatment These are the primary reasons

Relief from administrative details and continuity are the major reasons for:

The trustee is responsible for producing a schedule of distribution which includes information as:

The accumulation phase in annuities can last from as long as: