What provides a detailed study of the insurance company's internal accounting controls over a particular category of transactions?
A. general risk review
B. transaction flow review
C. compliance review
D. actuary
What utilize company-provided financial data to review and approve rate filings and to gather industry statistics?
A. Boards and bureaus
B. Boards and risks
C. Boards and investments
D. Actuaries and bureaus
The ________________ of the state regulators is to ensure that the competition among insurance companies is maintained on a consistent and fair basis.
A. addressing procedures
B. market conduction
C. auditing standard
D. overriding concern
State regulations are established to ensure that claims are settled in a good faith manner
A. insurance regulatory information department
B. domiciliary state insurance department
C. Evolution of insurance department
D. Financial insurance strength department
The purpose of the examination system for Insurance companies is:
A. to detect as early as possible those insurers in financial trouble
B. to develop the information needed for appropriate regulatory action
C. Both A and B
D. Neither A nor B
Financial examinations are conducted at least once every five years by:
A. insurance regulatory information department
B. domiciliary state insurance department
C. Evolution of insurance department
D. Financial insurance strength department
Control procedures can be circumvented by collusion.
A. True
B. False
What can capture efficiencies of scale, particularly for small companies, and avoid large investments in equipment and software, as well as ensuring standard procedures?
A. Outsourcing
B. Internal auditing
C. Internal control
D. External relationships
Responsibilities for safeguarding the company's assets, safeguarding critical transaction processing areas and procedures, internal control guidelines and policies are all most significant tasks performed as part of
A. Financial control
B. Periodic processing
C. Financial control function
D. Capital controls
Defining the company's objectives and activities, prepares its long-and-short-range plans, Controlling access to the company's assets and premises are all recorded in:
A. Financial control
B. Economic management
C. Capital strategy
D. Financial statement
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