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Free Financial SOFA-CFE Exam Questions (page: 2)

Page 2 of 53
PDF with 416 Questions

Probable future economic benefits obtained or controlled by a particular entity as a result of past transactions or events is called:

  1. Asset
  2. Determined asset
  3. Operating Performance
  4. Investment property

Answer(s): A



What are recognized and accepted by state insurance departments in evaluating the solvency of an insurer for statutory accounting purposes?

  1. Assets
  2. Determined assets
  3. Admitted assets
  4. Altered assets

Answer(s): C



What do not contribute to an insurer's solvency as measured by statutory accounting requirements?

  1. Non-determined assets
  2. Non-admitted assets
  3. Unacknowledged assets
  4. Disallow assets

Answer(s): B



_____________ 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.

  1. Compensation
  2. Impairment
  3. Reimbursement
  4. Contingency

Answer(s): B



Any securities representing a creditor relationship, whereby there is a fixed schedule for one or more future payments are called:

  1. Admitted assets
  2. Policy imbursement
  3. Yield amount
  4. Bonds

Answer(s): D



The amount the owner expects to receive when the bond matures is known as:

  1. Maturity value
  2. Ripe value
  3. Par value
  4. Developed value

Answer(s): C



If the price is higher than par, the excess is the ____________; if the price is lower than par, the deficiency is the ____________.

  1. bond surplus and bond deficit
  2. bond schedule and bond reported
  3. bond premium and bond discount
  4. bond capitalization and bond depreciated

Answer(s): C



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:

  1. mortgage
  2. fair value
  3. real state
  4. valuation of securities

Answer(s): A



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