ABA CTFA Practice Test - Questions Answers, Page 48
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Principal objectives of state statutes are:
The reason behind, when an insurance entity may request permission from the domiciliary state regulatory authority to use a specific accounting practice in the preparation of its statutory financial statements, may include:
Short-duration contracts provide insurance protection for fixed period and can cancel the contract at the end of any contract period.
The contracts that are not subject to unilateral changes in its provision and requires the performance of various functions and services for an extended period is called:
SAP stresses measurement of emerging earnings of a business from period to period while GAAP stresses measurement of the ability to pay claims in the future.
Audit risk consists of:
The maximum error in the population that the auditor is willing to accept is called:
Which risk assessment procedures are used to obtain an understanding of the entity and its environment, including its internal control?
The profitability of an insurance entity on a statutory basis is generally gauged by:
The combined ratio is the sum of it:
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