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Question: 1

Probable future economic benefits obtained or controlled by a particular entity as a result of past transactions or events is called:

  1. Asset
  2. Determined asset
  3. Operating Performance
  4. Investment property

Answer: A

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Question: 1

Probable future economic benefits obtained or controlled by a particular entity as a result of past transactions or events is called:

  1. Asset
  2. Determined asset
  3. Operating Performance
  4. Investment property

Answer: A

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Question: 4

_____________ is defined as an existing condition, situation, or set of circumstances involving uncertainty as to possible loss to an enterprise that will ultimately be resolved when one or more future event(s) occur or fail to occur.

  1. Compensation
  2. Impairment
  3. Reimbursement
  4. Contingency

Answer: B

Question: 2

What are recognized and accepted by state insurance departments in evaluating the solvency of an insurer for statutory accounting purposes?

  1. Assets
  2. Determined assets
  3. Admitted assets
  4. Altered assets

Answer: C