Free IIA IIA-CFSA Exam Dumps Questions & Answers

When purchasing a flood insurance policy, there is a standard 30-day waiting period for new applications and endorsements for coverage. Exclusions of flood insurance are all EXCEPT:

• A.  Structures entirely over water buildings (fences, retaining walls underground structures)
• B.  Walkways, decks, driveways, patios
• C.  Boat houses (Buildings located)
• D.  None of these

Purchasers of universal life policies specify the policy's face amount and whether the death benefit will be level or vary as the policy's cash value changes. Under level death benefit policies the death benefit payable:

• A.  Equals the policy's face amount
• B.  Is policy's face value plus any accumulated cash value
• C.  More than the policy's face amount
• D.  Less than the policy's face amount

Auditors must use professional judgment to determine the impact a risk factor may have on the use off audit resources. Risk can be controlled by various preventive measures such as:

• A.  All of these
• B.  Installing burglar alarms
• C.  Increasing the frequency and level of management review implement tighter standards
• D.  Adding personnel to a function

Which of the following activity/ies should be considered by the auditors whenever reviewing situations where broker-dealer finance proprietary or customer activity through collateralized bank loans?

• A.  Obtaining collateral from the counterparty
• B.  Maintaining separate accounts in the general ledger for the securities collateralizing eachloan
• C.  Reconciling the repurchase and reverse repurchase subsidiary ledgers to the stock record and general ledger daily. Out-of-balances are recorded as suspense items and researchedimmediately
• D.  Ensuring that customer, noncustomer, and firm bank loans are separately maintained and that procedures are in place to prevent commingling of collateral

Guaranteed investment contracts are contracts between:

• A.  An insurance company and a corporate retirement plan
• B.  A retirement plan and a brokerage house
• C.  None of these
• D.  A bank and insurance company