Aiaf - Study guides, Class notes & Summaries
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AIAF 114 Chapter 2 Practice Exam Questions With Correct Answers!!
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When premiums earned during any specific accounting period are less than incurred losses plus 
underwriting expenses incurred during the period, there will be an - Answer-Underwriting loss. 
A principal liability of insurers is the unearned premium reserve. Which one of the following 
statements best describes the unearned premium reserve? - Answer-The unearned premium reserve 
represents premiums paid but not yet earned 
Unrealized capital gains are not included in accounting income. Under stat...
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AIAF 114- Chapter 5 Practice Exam | Actual Exam Questions | 100% Correct Answers | Verified 2024 Version
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When accounting for accident-year losses for year 20X6, which one of the following would be included? - 
A reserve change in 20X7 for a loss that occurred in 20X6 
Correct. When accounting for accident-year losses for year 20X6, a reserve change in 20X7 for a loss that 
occurred in 20X6 would be included. An accident-year method aggregates incurred losses for a given 
period (such as twelve months) using all incurred losses for insured events that occurred during that 
period. Any losses that oc...
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AIAF 114: Assignment 1 Questions With 100% Correct Answers.
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A common set of accounting standards and procedures used in the preparation of financial 
statements to ensure consistency of presentation and reported results. - Generally Accepted 
Accounting Principles (GAAP) 
The accounting principles and practices that are prescribed or permitted by an insurer's domiciliary 
state and that insurers must follow. - Statutory Accounting Principles (SAP) 
The valuation of an asset based on financial models instead of market price. - Mark-to-model 
The value of...
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AIAF 114: Assignment 1 | With complete solution | 2024/25
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AIAF 114: Assignment 1 | With complete solution | 2024/25
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AIAF 114 2.0 Exam Questions with Latest Update
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Loss reserve - ANSWER-An estimate of the amount of money the insurer expects to pay in the future for losses that have already occurred and been reported, but are not yet settled. 
 
Loss adjustment expense (LAE) - ANSWER-The expense that an insurer incurs to investigate, defend, and settle claims according to the terms specified in the insurance policy. 
 
Allocated loss adjustment expense (ALAE) - ANSWER-The expense an insurer incurs to investigate, defend, and settle claims that are associate...
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AIAF 114 - Chapter 3 Questions And Answers Already Graded A+
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Schedule F in the NAIC Annual Statement for LIFE insurers concerns - Answer-Contested and 
compromised claims 
Premiums are recognized as revenue when due for - Answer-Traditional life and annuity contracts 
Which one of the following is an asset on the balance sheet of life insurers but not PC insurers - 
Answer-Contract loans 
Changes in life insurers' liability for future policy benefits are - Answer-Recognized as expenses in the 
period in which the changes occur 
Which one of the following...
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AIAF 114- Chapter 5 Practice Exam | Actual Exam Questions | 100% Correct Answers | Verified 2024 Version
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AIAF 114- Chapter 5 Practice Exam | 
Actual Exam Questions | 100% Correct 
Answers | Verified 2024 Version 
 
When accounting for accident-year losses for year 20X6, which one of the following would be included? - 
A reserve change in 20X7 for a loss that occurred in 20X6 
Correct. When accounting for accident-year losses for year 20X6, a reserve change in 20X7 for a loss that 
occurred in 20X6 would be included. An accident-year method aggregates incurred losses for a given 
period (such as twe...
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Audit test 1 multiple choice (AIAF114) Exam Questions with Complete Solutions
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Which of the following categories of principles is most closely related to gathering audit evidence? 
 
A.) performance 
B.) reasonable assurance 
C.) reporting 
D.) responsibilities - ANSWER-A 
 
Which of the following is not related to ethical requirements of auditors? 
 
A.) due care 
B.) independence in appearance 
C.) independence in fact 
D.) professional judgement - ANSWER-D 
 
One of an accounting firm's basic objectives is to provide professional services that conform to professio...
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AIAF 114- Chapter 5 Practice Exam | Actual Exam Questions | 100% Correct Answers | Verified 2024 Version
- Exam (elaborations) • 4 pages • 2024
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When accounting for accident-year losses for year 20X6, which one of the following would be included? - 
A reserve change in 20X7 for a loss that occurred in 20X6 
Correct. When accounting for accident-year losses for year 20X6, a reserve change in 20X7 for a loss that 
occurred in 20X6 would be included. An accident-year method aggregates incurred losses for a given 
period (such as twelve months) using all incurred losses for insured events that occurred during that 
period. Any losses that oc...
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CMGT 120 AIAF114 Final Exam Questions with Correct Answers
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Major steps of project development and put them in the correct order from the start of a project to the end. - ANSWER-Planning, Design, Bid, Construction 
 
Identify the three key participants in a project team, as well as at least two other project participants. - ANSWER-Owner, designers (architects and engineers), and contractor 
 
Identify the 4 major types of construction markets. - ANSWER-Heavy civil, commercial, residential, and industrial 
 
Discuss the level of influence on cost vs. cost...
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