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Financial Accredited Examiner (AFE) AFE Dumps in PDF

Free Financial AFE Real Questions (page: 4)

AFE PDF — 286 Questions

It is defined as a debt restructuring whereby the insurer for economic or legal reasons related to borrower financial difficulties, grants a concession to the debtor that it would not otherwise grant.

  1. A troubled debt restructuring
  2. Commercial debt restructuring
  3. Mortgage debt restructuring
  4. Residential debt restructuring

Answer(s): A



Life insurance companies frequently make mortgage loans to affiliated companies (such as subsidiaries or companies owned by a common parent company) and to joint ventures in which the life insurance company is a joint venturer. The company must carefully examine:

  1. An affiliated company or joint venture and the transactions related to it
  2. The propriety of the accounting treatment for each loan to an affiliated company or joint venture and the transactions related to it
  3. The propriety of the accounting treatment for each loan
  4. None of these

Answer(s): B



Financial Statements provide additional valuable information on the loans. Some of the more significant information provided includes EXCEPT:

  1. The valuation of the mortgage loan portfolio, including a description of the valuation basis for mortgage loans and income recognition
  2. The recorded investment and interest past due on mortgages with interest more than 90 days past due
  3. The recorded investment and number of mortgages on which interest has been reduced, and the percent the interest was reduced
  4. Disclosures of impaired loans: The total recorded investment in impaired loans at the end of each period

Answer(s): B



Admitted assets are those specifically prescribed by the NAIC Accounting Practices and Procedures Manual or prescribed or permitted by the various jurisdictions. An admitted asset is defined as having probable future economic benefits. It also has three essential characteristics. Which one of the following is out of those characteristics?

  1. It embodies a probable future benefit which contributes to cash flow
  2. A particular entity can obtain this benefit
  3. The transaction giving rise to entity's right to control the benefit has already occurred
  4. All of these

Answer(s): D



A Company's investments are admitted assets properly valued which support the reserves and liabilities, including required capital and surplus. Many jurisdictions permit companies to make some investments that do not meet all of the strict regulatory requirements. These additional investments are often referred to as basket assets. Which of the following is/are true for Basket assets?

  1. They have been made out of a company's free surplus
  2. Mortgage loans are first liens on the property backing them. Second or third-lien mortgages typically qualify as "basket" loans
  3. A particular entity can obtain this benefit
  4. They record investment and number of mortgages on which interest has been reduced, and the percent the interest was reduced

Answer(s): A,B



Policy loan:

  1. On policies are valuable to the policyholders, and insurers encourage them to protect this feature by saving it for emergency use
  2. Interest rate is raised to eight percent
  3. Interest rate was raised to eight percent, and later variable rates were approved
  4. Do not have variable principal payments or a maturity

Answer(s): A



Loans on policies are valuable to the policyholders, and insurers encourage them to protect this feature by saving it for emergency use. There are two basic types of loans. In case of conventional premium loans:

  1. The insured makes a request for a loan. Since an emergency may very well have triggered this request, most companies will accept any form of notice such as a telephone call
  2. The maximum loan amount is frequently limited to the cash value of the policy plus the value of paid-up additions
  3. an insured has indicated in the insurance application that the policy is not to lapse for nonpayment of premiums so long as there is loan value adequate to cover unpaid premiums
  4. Loan can be created to pay policy loan interest if the policyholder-borrower does not pay it in cash

Answer(s): A,B



On both old and new business, companies can also avoid premium notes by entering into agreements involving deposits of a portion of the premium with an extension on the balance. These deposits are treated as:

  1. A liability
  2. Unearned revenue and not credited to income until the deposit is used to pay the premium
  3. A liability and not credited to income until the deposit is used to pay the premium
  4. Asset and not credited to income until the deposit is used to pay the premium

Answer(s): C



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