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SOFE Exam SOFA-CFE 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.

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Suggested Answer: B

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

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Annamae
23 days 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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France
25 days 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
28 days 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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Lavonda
9 days ago
I agree, B) loss liability makes the most sense in this scenario.
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Von
29 days 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
1 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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Moon
I think C) remediation could also be a possibility depending on the specific situation.
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Jamal
13 days ago
I agree, B) loss liability makes the most sense in this context.
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Dorothy
2 months ago
D) reconcile asset? Really? I don't think that makes any sense in the context of insurance claims. Gotta go with B on this one.
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Fletcher
5 days ago
B) loss liability
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Elin
7 days ago
A) loss credit
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Blondell
13 days ago
B) loss liability? Yeah, that sounds more relevant to insurance claims.
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Casie
24 days ago
C) remediation
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Antonette
1 months ago
B) loss liability
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Sherell
1 months ago
A) loss credit
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Janna
2 months ago
I'm pretty sure the correct answer is B) loss liability. Insurance companies have to set aside funds to cover claims as soon as an incident occurs.
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Karima
2 months ago
I think it could also be A) loss credit, as the company may have to adjust their financial statements.
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Glory
2 months ago
I agree with Franklyn, because the insurance company has to pay out for the insured incident.
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Franklyn
2 months ago
The answer is B) loss liability.
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