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PRMIA Exam IV: Case Studies: Standards: Governance, Best Practices and Ethics - 2015 Edition Sample Questions:

1. Taisei Fire and Marine Insurance Co

A) had a full understanding from Fortress Re of the risks in the pool
B) relied on the information it received from other members of the reinsurance pool to manage its risks
C) had a full understanding from other members of the pool of the pool's liabilities
D) relied almost entirely on Fortress Re's management team for information on the risks in its portfolio

2. What was the main risk scenario on the Metallgesellschaft trading strategy?

A) Realized losses on short-term contracts against unrealized gains on the long-run contract
B) The final price of the underlying being higher than the initial price
C) The initial price of the underlying being higher than the final price
D) The short-term price of the underlying being higher than the long-run contract

3. With respect to the Purpose of Professional Standards, in the event of any difference in standards between local laws/rules and those of PRMIA, members must

A) comply with the higher standard under all circumstances
B) refer the matter to their supervisor
C) use their best judgment
D) abide by the applicable laws, rules, and regulations of PRMIA and any government and/or regulatory bodies

4. Which of the following is FALSE?

A) Nick Leeson dealt in complex derivatives lacking transparency of pricing
B) SIMEX made inquiries to Barings Bank about large margin calls on its positions
C) Nick Leeson also ran the back office for his trading area
D) Nick Leeson claimed to be running an arbitrage book

5. According to the Northern Rock Case Study, what is Forced Insolvency?

A) The bank is solvent in that the current value of its assets (measured at book value) is more than the value of its liabilities; so even if the bank were to liquidate all of its assets it would be able to repay all depositors and other creditors
B) The bank is legally solvent but its current funding costs (which are likely to continue) exceed the average rate of return on its assets and hence it would soon become insolvent as it would be making losses and would eventually exhaust its equity capital
C) The bank is legally solvent but if, because it cannot fund its operations, it is forced to liquidate assets it could do so only at less than nominal values (fire sale) and this would make it legally insolvent (value of assets falls below those of liabilities)
D) The bank is insolvent in that the current value of its assets (measured at book value) is less than the value of its liabilities; thus even if the bank were to liquidate all of its assets it would not be able to repay all depositors and other creditors

Solutions: