IIA IIA-CFSA Online Practice Questions and Exam Preparation

IIA IIA-CFSA Online Questions & Answers

• Question 161:

  The duties of a guardian in guardianship arrangements are similar to those of a trustee.

  Specifically, the guardian is obligated to: 1) Protect and preserve the assets 2) Submit an inventory and appraisal to the court 3) Retain or divest assets 4) Use principal and income for the benefit of the ward 5) Submit an annual accounting to the court

  A. Only 1.3,4
  B. All of these
  C. Only 1, 2
  D. All except 3
  D. All except 3

• Question 162:

  Cash surrender life insurance is referred to:

  A. Permanent life insurance
  B. Whole life insurance
  C. Both of these
  D. None of these
  B. Whole life insurance

• Question 163:

  Major types of individual long-term disability policies are all EXCEPT:

  A. Non-cancelable policies
  B. Credit disability insurance
  C. Guaranteed renewable policies
  D. Conditional renewable policies
  B. Credit disability insurance

• Question 164:

  Non-deposit investment product includes:

  A. Fixed annuities
  B. Variable annuities
  C. Mixed annuities
  D. Both AandB
  D. Both AandB

• Question 165:

  Although generally attached to bonds or preferred stock, warrants can also be attached to other securities, such as speculative stock. Warrants allow holder to buy more stock as its value appreciates. Below are the terms that must be considered in order to understand warrants EXCEPT:

  A. Warrants are generally attached to a bond or preferred stock and carry the right to purchase common stock at a fixed price
  B. Detached warrants can be traded and have their own value based on the current market andexercise prices. If a warrant is not detachable, it has no individual market value
  C. Warrants typically expire after a number of years
  D. When exercised, a warrant is relinquished in return for shares of common stock at the current market price
  D. When exercised, a warrant is relinquished in return for shares of common stock at the current market price

• Question 166:

  Relief from administrative details and continuity are the major reasons for:

  A. Trust acceptance
  B. Trustee termination
  C. Naming a financial institution as a trustee
  D. Convenience and complete services of trusts
  C. Naming a financial institution as a trustee

• Question 167:

  Which one of the following activities is not related to the trust committee activities that should be reviewed?

  A. Whether regular meetings are held and documented by meeting minutes
  B. Whether the trust committee contains at least one member who is not a bank officer
  C. Whether there is adequate oversight of the trust committee's activities by board of directors
  D. None of these
  D. None of these

• Question 168:

  The primary regulatory entities of banking industry include:

  A. Federal reserve system
  B. Office of the comptroller of the currency
  C. Federal deposit insurance Cooperation
  D. All of these
  D. All of these

• Question 169:

  All members of a group insurance plan (group insureds) are covered under a single contract, known as a master group insurance contract. The employer or entity purchasing the group insurance is known as group policyholder. In _____________, group insureds do not pay any premium for the coverage.

  A. Noncontributory plan
  B. Contributory plan
  C. Life insurance
  D. Preexisting provision condition
  A. Noncontributory plan

• Question 170:

  The due from bank either credits the due to bank's account or pays the due to bank directly with a ______________.

  A. Cheque
  B. Bank draft
  C. EFT (Electronic Funds Transfer)
  D. ATM
  B. Bank draft