SOFE AFE - Accredited Financial Examiner
When a retained asset account is established in the place of a cash settlement, an interest bearing account is created by the insurer for the beneficiary. The beneficiary receives a checkbook with which to draw upon funds in the new account. The account holder can make:
Primary coverage involves policies written between an insurer and a customer directly.
The auditor should obtain a sufficient understanding by performing risk assessment procedures to:
A premium deficiency relating to which insurance contracts indicate a probable loss on premiums yet to be earned.
The operating ratio is the combined ratio less than the ratio of investment income, to earned premiums.
What of a life insurer’s is determined by applying factors for risk components to specific on and off-balance sheet assets or liabilities and by adding the results?
The financial statements of which accounts maintained by insurance company that must be presented separately from the insurance company’s general account business?
The loss reserve estimate is a significant estimate in the financial statements of an uninsured entity.
Many companies have developed an asset/liability management approach that is founded on understanding product liabilities. Mortgages meet the primary objective of maintaining:
What are designed primarily to accumulate a fund for eventual liquidation via annuitization, so the savings element is predominant?
