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Certified Financial Services Auditor

Exam Details

  • Exam Code
    :IIA-CFSA
  • Exam Name
    :Certified Financial Services Auditor
  • Certification
    :IIA Certifications
  • Vendor
    :IIA
  • Total Questions
    :511 Q&As
  • Last Updated
    :Apr 12, 2025

IIA IIA Certifications IIA-CFSA Questions & Answers

  • Question 401:

    Which one of the annuities, mentioned below, is not regulated by the SEC:

    A. Fixed annuities

    B. Variable annuities

    C. Mixed annuities

    D. Expired annuities

  • Question 402:

    Non-deposit investment product includes:

    A. Fixed annuities

    B. Variable annuities

    C. Mixed annuities

    D. Both AandB

  • Question 403:

    An index method that credits index-linked interest based on any increase in index value from the index level at the beginning of the contract's term to the highest index value at various points during the contract's term is called:

    A. Point to point method

    B. Annual retuned

    C. The high watermarks method

    D. The low water mark method

  • Question 404:

    If participation rate in an equity indexed entity is 80% and the index increases 9%, the return credited to the annuity would be:

    A. 7.1%

    B. 7.2%

    C. 7.25%

    D. 7.3%

  • Question 405:

    In case of an annuity with a spread of 3%, if the index gained 9%, the return credited to the annuity would be:

    A. 11%

    B. 27%

    C. 6%

    D. 3%

  • Question 406:

    Which one of the following does NOT depicts a common indexing method?

    A. The annual ratchet

    B. The point to point method

    C. The high water mark method

    D. The low water mark method

  • Question 407:

    The actual amount of payment the annuitant pays is based on:

    A. Amount of money invested and interest rate

    B. Length of the time principle has been invested

    C. No of annuity payment to be made

    D. All of the above

  • Question 408:

    "A special type of annuity that involves a contract between the annuitant and insurer in which insurer credits the annuity account with return amounts based on changes in an equity index such as the SandP500 (composite price index)," is:

    A. Price indexed annuity

    B. Variable index annuity

    C. Stock indexed annuity

    D. Equity indexed annuity

  • Question 409:

    Surrender charges usually apply only if the annuity has been in free:

    A. For a year

    B. For a maximum period of time

    C. For a minimum period of time

    D. For less than a year

  • Question 410:

    "Insurers guarantee a minimum rate of interest dunning the time that the account is growing and periodic payment amounts of a specified amount for a stated period (either specific period 10 years indefinite period etc)." This statement is related to:

    A. Variable annuities

    B. Life time annuities

    C. Term period annuities

    D. Fixed annuities

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