Accredited Financial Examiner (AFE) Practice Test

AFE Exam Format | Course Contents | Course Outline | Exam Syllabus | Exam Objectives

Test Detail:
The Accredited Financial Examiner (AFE) examination is a professional certification exam administered by the Society of Financial Examiners (SOFE). It is designed to assess the knowledge and skills of financial professionals working in the field of insurance examination and regulation. Below is a detailed description of the test, including the number of questions and time allocation, course outline, exam objectives, and exam syllabus.

Number of Questions and Time:
The AFE examination consists of two parts: Part I and Part II. The number of questions and time allocation for each part are as follows:

Part I:
- 150 multiple-choice questions
- Time: 3 hours

Part II:
- 150 multiple-choice questions
- Time: 3 hours

The total testing time for the AFE examination is 6 hours.

Course Outline:
The AFE examination covers various subject areas that are essential for financial examiners in the insurance industry. The exam content typically includes the following key areas:

Part I:
1. Insurance Accounting and Financial Reporting:
- Financial statement analysis
- Regulatory accounting principles
- Financial reporting requirements

2. Insurance Examination and Financial Analysis:
- Examination techniques and procedures
- Financial analysis methods
- Risk assessment and evaluation

3. Insurance Laws and Regulations:
- State and federal insurance laws
- Insurance regulatory environment
- Compliance and enforcement

Part II:
4. Insurance Company Operations and Products:
- Insurance company structures and operations
- Insurance products and underwriting
- Claims management and reinsurance

5. Actuarial Principles and Analysis:
- Actuarial concepts and methods
- Risk modeling and estimation
- Reserving and pricing techniques

6. Insurance Risk Management:
- Enterprise risk management
- Risk identification and mitigation strategies
- Capital adequacy and solvency assessment

Exam Objectives:
The AFE examination aims to assess the knowledge and skills necessary for financial examiners to effectively examine and regulate insurance companies. The key objectives of the exam include:

1. Demonstrating Knowledge of Insurance Accounting and Financial Reporting: Assessing candidates' understanding of financial statement analysis, regulatory accounting principles, and financial reporting requirements in the insurance industry.

2. Testing Competence in Insurance Examination and Financial Analysis: Evaluating candidates' ability to apply examination techniques, perform financial analysis, and assess risk in insurance companies.

3. Assessing Understanding of Insurance Laws and Regulations: Testing candidates' knowledge of state and federal insurance laws, the regulatory environment, and compliance and enforcement processes.

4. Evaluating Familiarity with Insurance Company Operations and Products: Assessing candidates' understanding of insurance company structures, operations, products, underwriting practices, and claims management.

5. Testing Knowledge of Actuarial Principles and Analysis: Evaluating candidates' knowledge of actuarial concepts and methods, risk modeling, reserving, and pricing techniques.

6. Assessing Competence in Insurance Risk Management: Evaluating candidates' understanding of enterprise risk management, risk identification and mitigation strategies, and capital adequacy and solvency assessment in the insurance industry.

Exam Syllabus:
The AFE exam syllabus covers a wide range of topics in insurance accounting and financial reporting, insurance examination and analysis, insurance laws and regulations, insurance company operations and products, actuarial principles and analysis, and insurance risk management. It is designed to reflect the knowledge and skills required for financial examiners in the insurance industry. The specific content and emphasis may vary slightly across different versions of the exam. Candidates should consult official study guides and resources provided by SOFE for accurate and up-to-date information on the exam syllabus.

Candidates are advised to allocate sufficient time for comprehensive preparation, including reviewing relevant financial concepts, understanding insurance laws and regulations, studying insurance company operations and products, familiarizing themselves with actuarial principles and risk management techniques, and practicing problem-solving skills related to insurance examination and financial analysis.

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Financial
AFE
Accredited Financial Examiner (AFE)
https://killexams.com/pass4sure/exam-detail/AFE
Answer: A
QUESTION: 270
The options for securities that insurance entities own and can deliver if the options are
exercised by the option buyers are called:
A. concealed transactions
B. covered-call options
C. financial servicing
D. safekeeping
Answer: B
QUESTION: 271
Insurance entities usually write covered-call options because they consider the premium
received for writing the options to be either:
A. an economic hedge between a decline in market price and security
B. a decrease in yield on the underlying risk security
C. Both A & B
D. Neither A nor B
Answer: D
QUESTION: 272
What encompasses investment income and gains and losses, as well as custody of
investment and recordkeeping?
A. Valuation data
B. Verification note
C. Transaction cycle
D. Investment evaluation
Answer: C
QUESTION: 273
The evaluation and subsequent purchase or sale of investments is based on the judgment
of the entitys investment and finance committees.
A. True
80
B. False
Answer: A
QUESTION: 274
The price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date is called:
A. face value
B. fair value
C. market value
D. transaction value
Answer: B
QUESTION: 275
___________ is the price in a hypothetical transaction at the measurement date in the
market in which the reporting entity would transact for the asset or liability
A. Feasible financial price
B. Asset/Liability price
C. Principal price
D. Exchange price
Answer: D
QUESTION: 276
The market in which the reporting entity would sell the asset or transfer the liability with
the greatest volume and level of activity for the asset or liability is known as:
A. Transfer market
B. Transport market
C. Principal market
D. Turn-around market
Answer: C
QUESTION: 277
The highest and best use of the asset is ___________, if the asset would provide
maximum value to market participants principally on the standalone basis.
81
A. in-exchange
B. in-use
C. in-market
D. in-sale
Answer: A
QUESTION: 278
The risk that the obligation will not be fulfilled and affects the value at which the liability
is transferred is known as:
A. performance risk
B. nonperformance risk
C. hypothetical risk
D. relocation risk
Answer: B
QUESTION: 279
Valuation technique should be used to measure fair value and is consistent with:
A. market, income and risk approach
B. market, performance and cost approach
C. security, income and risk approach
D. market, income and cost approach
Answer: D
QUESTION: 280
What uses valuation techniques to convert future amounts to a single present amount?
A. Risk approach
B. Market approach
C. Income approach
D. Cost approach
Answer: C
QUESTION: 281
82
The amount that currently would be required to replace the service capacity of an asset is
called:
A. Risk approach
B. Market approach
C. Income approach
D. Cost approach
Answer: D
QUESTION: 282
A change in __________ or its application is appropriate if the change results in a
measurement that is equally or more representative of fair value in the circumstances.
A. Valuation technique
B. Value technique
C. Investment approach
D. Accounting corrections
Answer: A
QUESTION: 283
To avoid double counting or omitting the effects of risks factors what should reflect
assumptions that are consistent with those inherent in the cash flows?
A. Economic flow
B. Nominal flows
C. Discount rates
D. Inflation effect
Answer: C
QUESTION: 284
What technique uses a risk-adjusted discount rate and contractual, promised, or most
likely cash flows?
A. Asset/Liability weighted
B. Fair value
C. Present value
D. Discount rate adjustment
83
Answer: D
QUESTION: 285
Fair quoted techniques used to measure fair value should maximize the use of observable
inputs and minimize the use of unobservable inputs.
A. True
B. False
Answer: B
QUESTION: 286
What is made on an instrument-by-instrument basis, generally when an instrument is
initially recognized in the financial statements?
A. Election
B. Disclosure
C. Eligibility
D. Discount
Answer: A
84

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