LOMA 291 Module 4 Practice Questions and Answers | 100% Pass
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Course
LOMA 291
Institution
LOMA 291
LOMA 291 Module 4 Practice Questions
and Answers | 100% Pass
At a typical insurance company, which of the following areas are part of financial
operations? Choose all that apply.
a. Accounting and financial reporting
b. Treasury operations
c. Information technology
d. Investment operations
...
Financial Management Operating Units - Answer✔️✔️-Specific job titles and
organizational structures vary according to a company's unique needs, but all insurers
must perform certain core financial functions, as shown below.
An organization chart. Under Financial Operations are Accounting and Financial
Reporting, Treasury Operations, and Investment Operations. Separate is Internal Audit.
An insurance company's investment committee directs the company's internal audit and
control function.
a. True
b. False - Answer✔️✔️-A company's internal audit and control function is directed by the
audit/risk committee. The investment committee sets the company's investment policy
and oversees investment operations.
Let's look at how Forthright Financial organizes its financial operations, starting with its
accounting and financial reporting function.
accounting - Answer✔️✔️-A system or set of rules and methods for collecting, recording,
analyzing, summarizing, and reporting financial information.
financial reporting - Answer✔️✔️-The process of presenting financial data about a
company's financial position, operating performance, and flow of funds.
The controller - Answer✔️✔️-responsible for the timely and accurate collection and
reporting of all of Forthright's financial data
The accounting function:
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