SOFE SOFA-CFE Exam - Topic 1 Question 64 Discussion

Actual exam question for SOFE's SOFA-CFE exam

Question #: 64
Topic #: 1

[All SOFA-CFE Questions]

An insurance company incurs ___________ as soon as an insured incident occurs.

Aloss credit

Bloss liability

Cremediation

Dreconcile asset

Show Suggested Answer

Suggested Answer: B

by Elvera at Jan 07, 2023, 06:19 PM

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Tamekia

4 months ago

Yeah, loss liability makes the most sense here.

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Essie

4 months ago

Loss credit is not even a thing in this context!

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Lashandra

4 months ago

Wait, are you sure? I thought it was remediation.

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Leonard

4 months ago

I agree, that's the standard term used.

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Sheldon

4 months ago

It's definitely loss liability.

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Dottie

5 months ago

I thought we learned that the company has to account for losses right away, so "loss liability" seems like the best choice.

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Madelyn

5 months ago

I feel like "remediation" doesn't fit here, but I can't recall the exact definition of "loss liability."

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Effie

5 months ago

I remember discussing how losses are recognized immediately, so "loss credit" could be a possibility too.

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Elsa

5 months ago

I think it might be "loss liability," but I'm not entirely sure. We covered something similar in class.

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Lynelle

5 months ago

I'm feeling confident about this one. The Adjourning stage is when the team has completed its work and can move on, feeling good about what they've accomplished together.

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Jackie

5 months ago

This looks like a straightforward pharmacology question. I'll focus on the key details - dapsone gel, acne vulgaris, and G6PD deficiency. That should help me narrow down the potential side effects.

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Chauncey

5 months ago

I'm not entirely sure, but I feel like tying arrangements don't quite fit here. It seems more about collaboration against a common competitor.

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Annamae

10 months ago

If the answer was A) loss credit, the insurance company would be like, 'Sorry, you're out of credit. Gotta pay up or no coverage for you!'

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Jenelle

8 months ago

C) remediation

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Emeline

8 months ago

B) loss liability

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Lizette

9 months ago

A) loss credit

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France

10 months ago

If the correct answer was D) reconcile asset, the insurance company would be like, 'Oops, did we forget to balance the books? Quick, let's reconcile that asset!'

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Precious

10 months ago

I'm going to have to go with B) loss liability. Anything else would just be pulling an answer out of thin air.

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Leonora

8 months ago

Definitely, it's all about managing risk and ensuring the company can cover any losses.

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Sabra

9 months ago

Yeah, I think it's important to consider the financial impact of an insured incident.

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Lavonda

9 months ago

I agree, B) loss liability makes the most sense in this scenario.

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Von

10 months ago

A) loss credit? What is this, a credit card company? Definitely B) loss liability is the way to go.

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Judy

10 months ago

Hmm, C) remediation could work if it's related to the insurance company's actions after the incident, but I think B) loss liability is the best fit here.

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