IIA IIA-CFSA Online Practice Questions and Exam Preparation

IIA IIA-CFSA Online Questions & Answers

• Question 371:

  Many group disability income policies contain a physical examination provision that requires a doctor to examine a claimant before the claim is paid. The insurer may also require the claimant to undergo periodic examinations to verify:

  A. That the disability still exists
  B. That the correct amount was paid
  C. That the claim is properly satisfied
  D. None of these
  A. That the disability still exists

• Question 372:

  Following are the examples of illegal sales practice EXCEPT:

  A. Twisting occurs when an agent purposefully misguides and individual into canceling one policy and purchasing a new one
  B. Rebating occurs when an agent agree to give an individual the share of the commission as an incentive to buy a policy
  C. Misrepresentation occurs when agent makes false and misleading statements, but they are allowed to guarantee policy dividends
  D. None of these
  C. Misrepresentation occurs when agent makes false and misleading statements, but they are allowed to guarantee policy dividends

• Question 373:

  "These are usually secured by mortgages, deeds of trust, land contracts, or other types of real estate liens. Interest rates for residential mortgages loans may be fixed or variable. Repayments of principal may be set up for full amortization, negative amortization, or partial amortization with a balloon payment at a specified rate." What are these?

  A. Asset-based loans
  B. Residential loans
  C. Consumer loans
  D. Term loans
  B. Residential loans

• Question 374:

  Which of the following accounts would NOT be found on a life insurance company's statutory financial statements?

  A. Non admitted assets
  B. Non ledger assets
  C. Deferred acquisition cost
  D. Policy loans
  C. Deferred acquisition cost

• Question 375:

  For Example one exception in 1000 cases is probably not the reason enough to recommend overhauling the entire system, although the final answer must be derived from the context and the condition of the related control system. Which one of the following statements is clearly supported by this example?

  A. Auditors should base findings and recommendations on significant information
  B. Auditors should be aware of that the concept of materiality and significance take on different meanings in the public and private sectors
  C. Both of these
  D. None of these
  A. Auditors should base findings and recommendations on significant information

• Question 376:

  Factor/s that influences/influence the state of an organization's control environment is/are:

  A. Organizational history of control weakness or violations
  B. Whether management emphasizes and values competence, integrity, and ethical behavior
  C. An inconsistent or unfair employee performance evaluation, compensation and promotion system.
  D. All of these
  D. All of these

• Question 377:

  Federal Reserve's duties fall into following general areas EXCEPT:

  A. Conducting the nation's monetary policy
  B. Supervising and regulating banking institutions and protecting the credit right of consumer
  C. Maintaining the stability of the financial system
  D. None of these
  D. None of these

• Question 378:

  A client makes the following statement: "If you make us put property tags and numbers on major equipment, next we will have to put tags on every pen, pencil, and paper clip in the place." This is the argument that if a particular action is taken, it will inevitably lead to another, less desirable action. We may call this:

  A. Slippery slope
  B. Hasty generalization
  C. False use of authority
  D. Ad Hominem
  A. Slippery slope

• Question 379:

  Which of the following statements about endowments is correct?

  A. Endowment insurance pays a benefit amount only if the insured dies during the specified term of coverage
  B. Premiums vary throughout the term of an endowment policy
  C. An endowment can be purchased with a signal Premium or with a series of Premium over a limited period of time
  D. Unlike permanent life insurance policies, endowment policies do not steadily build cash values
  C. An endowment can be purchased with a signal Premium or with a series of Premium over a limited period of time

• Question 380:

  The risks associated with operating objectives include all of the following EXCEPT:

  A. Customer requirements
  B. Technology
  C. Competitor
  D. Financial institute
  D. Financial institute