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SOFE SOFA-CFE Exam - Topic 7 Question 4 Discussion

When the insurer or the intermediary may prepare a monthly recapitulation of premium and commission transactions between the parties, commonly called:
A) account current
B) account reimbursement
C) balance share
D) premium debts

SOFE SOFA-CFE Exam - Topic 7 Question 4 Discussion

Actual exam question for SOFE's SOFA-CFE exam
Question #: 4
Topic #: 7
[All SOFA-CFE Questions]

When the insurer or the intermediary may prepare a monthly recapitulation of premium and commission transactions between the parties, commonly called:

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Suggested Answer: A

by Renea at May 03, 2022, 05:45 AM

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Kallie
8 months ago
Premium debts? That's not even close!
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Buddy
8 months ago
Really? I never heard of that term before.
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Pamella
9 months ago
No way, it's account current for sure.
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Arlette
9 months ago
I thought it was balance share?
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Devorah
9 months ago
It's definitely called account current!
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Lashonda
9 months ago
I'm leaning towards "account current" as well, but I wish I had reviewed more about these terms before the exam.
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Teri
9 months ago
I feel like "balance share" could be a possibility too, but it doesn't sound as familiar as the other options.
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Sherill
9 months ago
I remember practicing a question similar to this, and "account current" was definitely mentioned as a common term.
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Kenia
9 months ago
I think the term we're looking for is "account current," but I'm not entirely sure if that's the right phrase.
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Latricia
9 months ago
Based on the information provided, I believe the correct settings would be "Shipment on Invoice" and "Document Default Line Type". This should allow the inventory-related documents to be posted automatically when the sales transactions are posted.
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Corinne
9 months ago
Hmm, I'm a bit confused. Is it really that simple? I feel like there might be some other policy or configuration setting that could be causing this issue. I'll need to think through it a bit more.
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Pearly
10 months ago
Okay, I've got this. Scope verification is where the project team and stakeholders review the completed project to confirm it meets the agreed-upon requirements. That's when the stakeholders would formally accept the completed scope.
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