Aiaf 114 - Study guides, Class notes & Summaries
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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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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 TOP Exam Questions and CORRECT Answers
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Generally Accepted Accounting Principles (GAAP) A common set of accounting 
standards and procedures used in the preparation of financial statements to ensure consistency 
of presentation and reported results. 
Statutory Accounting Principles (SAP) The accounting principles and practices that are 
prescribed or permitted by an insurer's domiciliary state and that insurers must follow. 
The five basic assertions of accounting are that the financial information is: complete; 
valued correctly...
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AIAF 114 - Chapter 3 Exam Questions and Answers
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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 foll...
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AIAF 114 Chapter 2 Practice Exam Questions and 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 sta...
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AIAF EXAM PACKAGE DEAL WITH COMPLETE SOLUTIONS GRADED A+
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AIAF 114 - Chapter 4 Practice Exam Questions with Correct Answers
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Some premium payment plans may include additional payments that exceed the amount required if the premium was paid in full at the policy inception. Such additional payments that are a function of the amount of premium payment are treated under U.S. regulatory accounting as - ANSWER-Finance charges. 
 
Under U.S. regulatory accounting, the liability for extended reporting endorsements covering a definite period into the future is recorded as - ANSWER-Unearned premium reserves 
 
Retrospective pre...
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AIAF 114 PC Premium Accounting Exam Test Guide with Latest Update
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The method most commonly used by PC insurers to recognize premium is - ANSWER--deferral-matching 
 
Deferral-Matching: Any prem charged on a policy before its effective date will be: - ANSWER--Deferred and not recognized as written premium until the effective date 
 
Deferral-Matching: Prem rev for a particular policy during a particular period equals: - ANSWER--writ prem during the period + beg UEP less the ending unearned prem liab 
 
Deferral-Matching: Actual Premium billing process - ANSWER-...
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AIAF 114- Chapter 5 Practice Exam Questions with Very Answers
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When accounting for accident-year losses for year 20X6, which one of the following would be included? - ANSWER-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...
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