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SIE Exam QuickSheet 2024(100% ACCURATE)
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Types of Capital Markets: Primary - ANSWERinsurer sells securities to raise capital Types of Capital Markets: Secondary - ANSWERtransactions between investors Public securities offering - ANSWERsecurities sold to the general public Private securities offering - ANSWERsecurities sold to pri...

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  • October 18, 2024
  • 8
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • sie exam quicksheet 2024100 accurate
  • types of capital markets primary answerinsurer

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SIE Exam QuickSheet 2024(100%
ACCURATE)

Types of Capital Markets: Primary - ANSWERinsurer sells securities to raise capital



Types of Capital Markets: Secondary - ANSWERtransactions between investors



Public securities offering - ANSWERsecurities sold to the general public



Private securities offering - ANSWERsecurities sold to private investors



primary offering - ANSWERproceeds go to the issuer



Initial public offering (IPO) - ANSWERan insurer's first distribution of securities to the public;
proceeds go to the insurer



Additional primary offering (APO) - ANSWERa distribution of securities to the public after an IPO;
proceeds go to the insurer



Split (combo) offering - ANSWERpart of the proceeds goes to the insurer and part goes to existing
stockholders



secondary offering - ANSWERproceeds go to existing stockholders



Market Centers: Exchanges - ANSWERphysical location, an auction market with designated market
markers, listed securities



Market Centers: Over-the-counter(OTC) - ANSWERdecentralized, trades between market markers
(dealers)



Market Centers: Third market - ANSWERexchanged-listed securities trading OTC

, Market Centers: Fourth market - ANSWERtrading between institutions via electronic communications
networks (ECNS)



Types of broker-dealers: carrying (clearing firm) - ANSWERcarries customer accounts; accepts funds
and securities



Types of broker-dealers: Introducing (fully disclosed) firm - ANSWERintroduces its customers to a
clearing firm



Equity: Common stock - ANSWERissued to raise capital; provides investor's growth



Equity: Preferred stock - ANSWERissued to raise capital; provides investor's income. Preferred share
types:

- straight (noncumulative): missed dividends are not payable

- cumulative: missed dividend (dividends in arrears and current preferred dividends must be paid
before common)

- Callable: issuer may buy back shares after a specified date at a specified price

- Participating: issuer may pay more than stated dividend

- Adjustable rate: dividend tied to another rate (example t-bill rate)



Equity: Rights and warrants - ANSWERRights: available to existing shareholders, short term, exercise
price below CMV. Opportunity for existing stockholders to maintain percentage of ownership

Warrants: offered with other securities, sold as units. long term, exercise price above CMV when
issued (anticipated value with time)



Equity: Real estate investment trusts (REITS) - ANSWER- traded on exchanges or OTC

- provide liquidity for real estate investors



Real Estate Investment Trusts - ANSWERClosed-end funds that invest in real estate and mortgages.



Debt Securities (Bonds): Bond Maturities - ANSWERTerm: entire issue matures on one date

Serial: issue matures over a period of years

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