What compares an insurer's adjusted surplus relative to the required capital necessary to support its operating and investment risks?
A. Best's Capital Adequacy Ratio
B. Rating Agency Investment Ratio
C. Capital Statistics Ratio
D. Risk Investment Capital Ratio
A combined ratio under 100 percent refilects an underwriting profit, with a combined ratio above 100 percent refilecting an underwriting loss.
A. True
B. False
What is computed by summing the loss reserve liabilities and the unearned premium reserve and then dividing that sum by policyholder surplus?
A. Gross miscellaneous ratio
B. net leverage ratio
C. Total influential investment
D. net mortgage ratio
The first phase, is the _____________of the system, produces the widely recognized Insurance Regulatory Information System (IRIS) ratios.
A. Gross miscellaneous ratio
B. net leverage ratio
C. statistical phase
D. normal phase
A reduction in reserves is referred to as__________________, while an increase in reserves is referred to as________________.
A. favorable development, adverse development
B. unfavorable development, profitable development
C. risky development, beneficiary development
D. loss development, advance development
What is probably the most difficult schedule within the Annual Statement blank with which to get comfortable, given the breadth and depth of information it contains?
A. Schedule D
B. Schedule F
C. Schedule K
D. Schedule P
What lays out specific requirements relating to corporate conduct, public accounting profession oversight, auditor independence and financial reporting and disclosure?
A. Small Business Issuers Act
B. Content of Financial Statement Act
C. Sarbanes-Oxley Act
D. Proxy Disbursement Act
A company must agree to notify the New York Stock Exchange promptly if which of the following several enumerated events occur:
A. any change in the general character or nature of its business
B. any change of officers or directors
C. any change in its independent public accountants
D. All of the above
___________is a devise whereby a stockholder authorizes another person or group of persons to act for him at a meeting of stockholders.
A. Preliminary statement
B. Triggering event
C. Change of servicer
D. Proxy
Reports of the audit committees in their proxy statements; in the report, the audit committee must state whether the audit committee has:
A. reviewed and discussed the audited financial statements with management
B. discussed with the independent auditors the matters required to be discussed by Statement on Auditing Standards
C. received from the auditors disclosures regarding the auditors' independence required by Independence Standards
D. All of the above
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