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PRMIA PRM Certification - Exam IV: Case Studies; Standards: Governance, Best Practices and Ethics Sample Questions:

1. Taisei Fire and Marine Insurance Co

A) relied almost entirely on Fortress Re's management team for information on the risks in its portfolio
B) had a full understanding from other members of the pool of the pool's liabilities
C) relied on the information it received from other members of the reinsurance pool to manage its risks
D) had a full understanding from Fortress Re of the risks in the pool

2. The Basic Knowledge a PPRMIA member should comply with, as stipulated within the PRMIA Standards of Best Practice, Conduct & Ethics, is to

A) maintains and improve their professional competence and strive to maintain and improve the competence of other risk professionals
B) only possess the required skills and/or certification to complete the risk assessment / management work at hand
C) only improve their PERSONAL professional competence
D) learn from a qualified risk management practitioner

3. For the sentence
"The organization shall encourage all employees to keep abreast of the latest developments in their particular areas of expertise, through ____________, _____________, and _____________ and shall make adequate resources available to enable this to occur," Choose the correct combinations of words from the following options:

A) journals, courses, compliance mandates
B) conferences, discussion groups, blog sites
C) courses, conferences, journals
D) courses, educational certification, journals

4. 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) Ignore local rules and regulations
C) Respect local rules and regulations
D) Seek advice from a qualified party, being mindful of legal and confidentiality requirements

5. The retrocession insurance cover was provided by

A) The Fortress Re reinsurers only
B) Fortress Re and their reinsurers
C) The fronting insurance companies
D) Fortress Re and other insurers

Solutions: