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ABA CTFA Practice Test - Questions Answers, Page 48

List of questions

Question 471

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Principal objectives of state statutes are:

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Question 472

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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:

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Question 473

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Short-duration contracts provide insurance protection for fixed period and can cancel the contract at the end of any contract period.

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Question 474

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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:

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Question 475

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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.

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Question 476

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Audit risk consists of:

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Question 477

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The maximum error in the population that the auditor is willing to accept is called:

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Question 478

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Which risk assessment procedures are used to obtain an understanding of the entity and its environment, including its internal control?

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Question 479

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The profitability of an insurance entity on a statutory basis is generally gauged by:

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Question 480

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The combined ratio is the sum of it:

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