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

1. Barings Bank and Orange County have many similarities. Which of the following is NOT a similarity?

A) Both relied on a star manger, supposedly in a low risk business.
B) Both traded in illiquid and obscure markets that were easy to manipulate.
C) Both losses were eventually exposed by massive margin calls.
D) Both losses grew over time, but were not discovered by management until too late.

2. A risk assessment report generated by a PRMIA member creates an apparent conflict of interest between the PRMIA standards and those of the client organization.
Of the following, which is the correct hierarchy to follow to resolve the conflict?
I The decision of a superior within the organization
II PRMIA Standards
III Guidelines from the regulators in which the organization operates
IV The laws of the country

A) III, II, IV, and I
B) IV, III, II, and I
C) I, II, III, and IV
D) II, I, IV, and III

3. The Fortress Re finite reinsurance model

A) 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
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, 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
D) 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

4. Taisei Fire and Marine Insurance Co

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

5. What was the main type of risk that Metallgesellschaft was exposed to?

A) Interest Rate
B) Inflation
C) Basis Risk
D) Currency Settlement

Solutions: