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SOFE SOFA-CFE Exam - Topic 1 Question 64 Discussion

An insurance company incurs ___________ as soon as an insured incident occurs.
B) loss liability
A) loss credit
C) remediation
D) reconcile asset

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.

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Suggested Answer: B

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

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Tamekia
8 months ago
Yeah, loss liability makes the most sense here.
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Essie
8 months ago
Loss credit is not even a thing in this context!
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Lashandra
9 months ago
Wait, are you sure? I thought it was remediation.
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Leonard
9 months ago
I agree, that's the standard term used.
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Sheldon
9 months ago
It's definitely loss liability.
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Dottie
9 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
9 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
9 months ago
I remember discussing how losses are recognized immediately, so "loss credit" could be a possibility too.
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Elsa
9 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
9 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
9 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
10 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
1 year 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
1 year ago
C) remediation
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Emeline
1 year ago
B) loss liability
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Lizette
1 year ago
A) loss credit
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France
1 year 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
1 year 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
1 year ago
Definitely, it's all about managing risk and ensuring the company can cover any losses.
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Sabra
1 year ago
Yeah, I think it's important to consider the financial impact of an insured incident.
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Lavonda
1 year ago
I agree, B) loss liability makes the most sense in this scenario.
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Von
1 year 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 year 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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Elizabeth
1 year ago
I'm leaning towards B) loss liability as well, it seems to align with the concept of incurring costs after an insured incident.
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Moon
1 year ago
I think C) remediation could also be a possibility depending on the specific situation.
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Jamal
1 year ago
I agree, B) loss liability makes the most sense in this context.
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Dorothy
1 year 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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Tijuana
1 year ago
C) remediation
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Fletcher
1 year ago
B) loss liability
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Elin
1 year ago
A) loss credit
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Blondell
1 year ago
B) loss liability? Yeah, that sounds more relevant to insurance claims.
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Casie
1 year ago
C) remediation
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Antonette
1 year ago
B) loss liability
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Sherell
1 year ago
A) loss credit
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Janna
1 year 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
1 year 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
1 year ago
I agree with Franklyn, because the insurance company has to pay out for the insured incident.
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Franklyn
1 year ago
The answer is B) loss liability.
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