IIA IIA Certifications IIA-CFSA Questions & Answers

• Question 101:

  Which of the following are duties of insurance commissioners in regulating insurers? Rule of the constitutionality of insurance law.

  II. Determine if an insurer meets the requirements to obtain a license.

  III. Render decisions on the meaning of policy terms.

  IV.

  Conduct financial investigations of insurers operating in the state.

  A.

  I and II only

  B.

  I and III only

  C.

  II and IV only

  D.

  I, II, and III.

  Correct Answer: C

• Question 102:

  Whole life insurance protects for:

  A. A specified period

  B. Flexible Time period

  C. Entire life if you keep the policy

  D. Both Band C

  Correct Answer: C

• Question 103:

  The "combined ratio" of an insurance company is the ratio from combining which of the following? The "loss ratio."

  II. The "other underwriting expense ratio."

  III. The "expense ratio."

  IV.

  The "IBNR."

  A.

  I and II only.

  B.

  I and II only.

  C.

  III and IV only.

  D.

  I, II, III and IV.

  Correct Answer: B

• Question 104:

  A participant's right to receive partial or full benefits under a private retirement plan even if the participant terminates employment prior to retirement is referred to as

  A. Contributing.

  B. Accumulating.

  C. Vesting.

  D. Non-revocation.

  Correct Answer: C

• Question 105:

  Optional basic and supplement life insurances are the variants of:

  A. Ordinary life insurance

  B. Group life insurance

  C. Accidental death and Dismemberment

  D. None of these

  Correct Answer: B

• Question 106:

  Disadvantages of term life insurance to buyers are all EXCEPT:

  A. Low outlay

  B. Premium increase with age

  C. No cash value

  D. None of these

  Correct Answer: A

• Question 107:

  Group permanent life insurance often used:

  A. To fund group pension plans

  B. To provide life insurance coverage that will continue after retirement

  C. As a variant of permanent life insurance

  D. All of these

  Correct Answer: D

• Question 108:

  Which of the following is least expensive form of life coverage, at least initially?

  A. Variable life insurance

  B. Whole life insurance

  C. Term life insurance

  D. Permanent life insurance

  Correct Answer: C

• Question 109:

  Term Life insurance is available in which of the following variant?

  A. Group team life insurance

  B. Decreasing team life insurance

  C. Level team life insurance

  D. All of these

  Correct Answer: D

• Question 110:

  Cash surrender life insurance is referred to:

  A. Permanent life insurance

  B. Whole life insurance

  C. Both of these

  D. None of these

  Correct Answer: B