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PRMIA 8009 Exam Overview:

PRMIA 8009 Exam Syllabus Topics:

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

1. Boards, including Audit and Risk Committees must:
I. Clearly articulate the corporate risk appetite to senior management
II. Thoroughly review compensation plans of potentially "highly compensated positions" for consistency with corporate risk appetite, competitive market conditions and fiduciary responsibility to shareholders III. Have a single member formally given responsibility for understanding and reporting the effectiveness of the corporation's risk management infrastructure IV. Be fully accountable to shareholders and work to the benefit of public good and financial stability

A) I, II and IV only
B) I and II only
C) I, II and III only
D) All of these are responsibilities of Board and Audit Committees

2. 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 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
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 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

3. When local rules and regulations conflict with the PRMIA Standards of Best Practice, Conduct and Ethics the PRMIA member should ...

A) Modify the interpretation of local rules and regulations to meet the situation
B) Seek advice from a qualified party, being mindful of legal and confidentiality requirements
C) Respect local rules and regulations
D) Ignore local rules and regulations

4. Which of the following are PRMIA Governance Principles?
I. Sufficiency of Key Resources and Process
II. State of the Art Risk Management Technology
III. Ongoing Education and Discernment
IV. Sufficiency of Key Competencies

A) I, II and IV only
B) I and II only
C) All of these are PRMIA Governance Principles
D) I, III and IV only

5. Which of the following best characterizes the problems that developed at Bankgesellschaft Berlin?

A) Banking is a "for-profit" business, not a means of fulfilling political goals.
B) Excessive reliance on volatile trading income.
C) A company culture where profits may justify "excesses."
D) Volume growth at the expense of margin.

Solutions: