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PRMIA PRM Certification - Exam IV: Case Studies; Standards: Governance, Best Practices and Ethics Sample Questions:

1. The Fortress Re finite reinsurance model

A) allowed Fortress to claim re-insurance claims payments from the finite reinsurers and paid premiums to cover these deals over a 5 year period, but as the risks were spread out over time the future premiums were not accounted for as current liabilities on the books of the pool members, thus giving a false impression of profitability
B) allowed Fortress to claim re-insurance claims payments from the finite reinsurers and paid premiums to cover these deals over a 5 year period, and as the risks were spread out over time the annual premiums were accounted for as current liabilities on the books of the pool members, giving a true impression of profitability
C) allowed Fortress to claim re-insurance claims payments from the finite reinsurers and paid premiums to cover these deals over a 5 year period, and as the risks were spread out over time the future premiums were accounted for as current liabilities on the books of the pool members, giving a true impression of profitability
D) allowed Fortress to claim re-insurance claims payments from the finite reinsurers and paid annual premiums to cover these policies, and as the risks were spread out over the year the annual premiums were accounted for as current liabilities on the books of the pool members, giving a true impression of profitability

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

A) 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)
B) 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
C) 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
D) 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

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

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

4. The Bankers Trust Case Study is about:

A) large losses at the proprietary trading desk
B) overexposure to the real estate market
C) failure to guard its clients' best interests
D) reliance on thinly traded derivatives to hedge

5. According to the PwC report China Aviation Oil, in order to avoid recording and reporting losses, the company adopted which approach covering up its losses?

A) selling long-term options with extremely high-risk profiles to generate premiums to cover the cost of closing out loss-making option positions
B) selling short-term options with extremely low-risk profiles to generate premiums to cover the cost of closing out loss-making option positions
C) selling short-term options with extremely high-risk profiles to generate premiums to cover the cost of closing out loss-making option positions
D) selling long-term options with extremely low-risk profiles to generate premiums to cover the cost of closing out loss-making option positions

Solutions: