Difference between revisions of "NAIC.SSAP-5R"
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| − | | '''Question''': define <u>loss contingency</u> or <u>asset impairment</u> and identify the 3 | + | | '''Question''': define <u>loss contingency</u> or <u>asset impairment</u> and identify the 3 levels |
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Revision as of 21:04, 12 March 2019
Study Tips
This is a reading where your best strategy is to play the odds. In other words, skip it. It contains definitions for several terms that seem important, but none has ever been asked. If I were studying for this exam, I would blow it off. Worst case scenario: there's a 1.5-point question and you take an educated guess.
BattleTable
- this reading has not been tested on any exam from the year 2012 and subsequent
reference part (a) part (b) part (c) part (d) no prior questions
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In Plain English!
| Question: identify the components of a liability |
- responsibility to transfer assets upon occurrence of a specified event
- responsibility cannot be avoided
- event has occurred
| Question: define loss contingency or asset impairment and identify the 3 levels |
- a condition involving uncertainty regarding amount of loss
- resolved when future event occurs or fails to occur
- levels:
- - probable (likely to occur)
- - reasonably possible (between probably and remote)
- - remote (slight chance of occurring)
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