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2021 Oct IIA-CFSA exam question
Q71. (Topic 1)
Which one of the following activities is not related to the trust committee activities that should be reviewed?
A. Whether regular meetings are held and documented by meeting minutes
B. Whether the trust committee contains at least one member who is not a bank officer
C. Whether there is adequate oversight of the trust committee’s activities by board of directors
D. None of these
Answer: D
Q72. (Topic 4)
Which of the following is/ are the responsibility /ies of state insurance commission:
A. Making the State’s insurance rules and regulations
B. Authorizing companies to operate in the state through the issuance rules and regulations
C. Authorizing companies to operate in the state through the issuance of licenses andcertificates of authority
D. Both of these
E. None of these
Answer: C
Q73. (Topic 5)
When purchasing a flood insurance policy, there is a standard 30-day waiting period for new applications and endorsements for coverage. Exclusions of flood insurance are all EXCEPT:
A. Boat houses (Buildings located)
B. Structures entirely over water buildings (fences, retaining walls underground structures)
C. Walkways, decks, driveways, patios
D. None of these
Answer: D
Q74. (Topic 4)
If investment returns are very poor, this could lead to:
A. Down in the market share of that particular investment
B. Policy Lapsing
C. Stock exchange collapse
D. Minimum premium
Answer: B
Q75. (Topic 5)
Which of the following statements about endowments is correct?
A. Endowment insurance pays a benefit amount only if the insured dies during the specified term of coverage
B. Premiums vary throughout the term of an endowment policy
C. An endowment can be purchased with a signal Premium or with a series of Premium over a limited period of time
D. Unlike permanent life insurance policies, endowment policies do not steadily build cash values
Answer: C
Leading IIA-CFSA free exam questions:
Q76. (Topic 2)
Financial institutions regularly identify uncollectible and charge them off against the reserve for loan losses. Auditors should ensure that the institution has developed adequate criteria forcharge-offs and select a sample of charged-off loans whether they are handled properly.
Another useful test is:
A. To select a sample of loans that are significantly paid inorder to determine whether they meet the charge-off criteria and assess why they have not been charged off
B. To select a sample of loans that are significantly paid in order to determine whether theymeet the past criteria and assess why they have not been charged off
C. To select a sample of loans that are significantly paid in order to determine whether theymeet the charge-off criteria and assess why they have not been charged off
D. To select a sample of loans that are significantly paid in order to determine whether theymeet the charge-off criteria to meet the current requirements
Answer: A
Q77. (Topic 5)
Which of the following is least expensive form of life coverage, at least initially?
A. Variable life insurance
B. Whole life insurance
C. Term life insurance
D. Permanent life insurance
Answer: C
Q78. (Topic 4)
Which of the following are typical information system controls that are used to ensure properly authorized transaction?
I. Online validation routines that check dollar authority limits.
II. Online user access controls.
III. Automated balancing and reconciliation routine.
IV.
Edits that validate full completion of data input fields.
A.
I and II only
B.
II and III only
C.
III and IV only
D.
I, II, and IV only
Answer: A
Q79. (Topic 5)
I- With reference to the granting of customer credit lines a thorough analysis of the customer’s overall financial position is performed prior to trading authorization.
II-confirmations of each transaction are sent to customers indicating the quantity, deliverymonth and the contract price to ensure the integrity of transactions.
III-Original margin deposits in cash or acceptable securities to guarantee performance ofcontracts are determined in accordance These all are adequate procedures and controls associated with:
A. Commodity transaction
B. Mutual funds audit
C. Bond audit
D. None of these
Answer: A
Q80. (Topic 3)
Under the principles of bank accounting, loans reported as non-performing have not yet been charged off as _____________.
A. Income
B. Expense
C. Losses
D. prepaid
Answer: C