SOFE SOFA-CFE Quiz:1 Topic:2 Questions:1-5

Free Practice Mock Questions Set 1-5 (Quiz # 1) for SOFE SOFA-CFE Exam, according to official SOFE Certified Financial Examiner exam syllabus topic # 2

Question: 1

What occurs when the policyholder has sustained the loss and usually settles quickly?

Afirst-party claim

Bsecond-party claim

Creopened claim liability

Dpersistent coverage

Answer : A

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Question: 2

Improper asset valuations usually fall into which of the following category?

AInventory valuation

BAccounts receivable

CBusiness combinations

DAll of the above

Answer : D

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Question: 3

A ____________ places the occurrence of the loss in one policy period even if the occurrence of the damage spanned a larger period of time.

Aevent occurrence

Bdeemer clause

Cmanifestation

Ddouble trigger

Answer : B

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Question: 4

The perpetrators of which frauds produce false documents that cause the victim company to unwittingly make a fraudulent disbursement?

AFrequency of fraudulent disbursements

BPayroll and expense reimbursement schemes

CInventory & Purchase reimbursement schemes

DSales & Equipment reimbursement schemes

Answer : B

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Question: 5

SAP, an insurance company is given an option of recognizing salvage and subrogation upon receipt or accruing the estimated amount of salvage and subrogation related to ultimate claim costs by reducing the related reserves.

ATrue

BFalse

Answer : A

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