The Fortress Re finite reinsurance model

• A.allowed Fortress to claim re-insurance claims payments from the finite reinsurers and paid premiums to cover these deals over a 5 year period, and as the risks were spread out over time the annual premiums were accounted for as current liabilities on the books of the pool members, giving a true impression of profitability
• B.allowed Fortress to claim re-insurance claims payments from the finite reinsurers and paid premiums to cover these deals over a 5 year period, and as the risks were spread out over time the future premiums were accounted for as current liabilities on the books of the pool members, giving a true impression of profitability
• C.allowed Fortress to claim re-insurance claims payments from the finite reinsurers and paid annual premiums to cover these policies, and as the risks were spread out over the year the annual premiums were accounted for as current liabilities on the books of the pool members, giving a true impression of profitability
• D.allowed Fortress to claim re-insurance claims payments from the finite reinsurers and paid premiums to cover these deals over a 5 year period, but as the risks were spread out over time the future premiums were not accounted for as current liabilities on the books of the pool members, thus giving a false impression of profitability

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The Q4 2003 trading strategy of China Aviation Oil was

• A.to sell calls and buy puts
• B.to buy calls and sell puts
• C.to sell puts and buy calls
• D.to buy puts and sell calls

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The retrocession insurance cover was provided by

• A.Fortress Re and other insurers
• B.The fronting insurance companies
• C.The Fortress Re reinsurers only
• D.Fortress Re and their reinsurers

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PRMIA is incorporated as:

• A.A non profit corporation with for profit subsidiaries
• B.A charitable trust
• C.A for-profit corporation
• D.A non-profit corporation

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Which of the following is NOT part of the PRMIA Standards of Best Practice, Conduct and Ethics (Code of Conduct) Guidance on Ethical Behavior?

• A.Respect local laws and regulations
• B.Ensure globally accepted standards are adhered to at all costs
• C.Take responsibility for your work
• D.Respect local customs

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