Corrections to Current LOMA Educational Program Texts

Commentaires

Transcription

Corrections to Current LOMA Educational Program Texts
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Corrections to Current LOMA Educational Program Texts
(Updated: August 17, 2016)
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LOMA
Programs
________________
LOMA 280
LOMA 290
Customer Service
Programs
Associate
Programs
Spanish
Programs
______________________
_______________
__________________
ACS 100
UND 386
PFSL 280
ARA 440
PFSL 290
LOMA 301
LOMA 307
LOMA 311
French
Programs
LOMA 320
__________________
LOMA 335
LOMA 280FR
LOMA 357
LOMA 290FR
LOMA 361
LOMA 307FR
LOMA 371
LOMA 316FR
LOMA 320FR
LOMA 356FR
LOMA 280:
Principles of Insurance
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Principles of Insurance (2011)
1. On p. 159, the first sentence of the first full paragraph currently reads: “Variable annuity premiums
are deposited in the insurer’s separate account and are used to purchase investments in one or
more subaccounts chosen by the contract owner.” The sentence should read: “Variable annuity
premiums are generally deposited in the insurer’s separate account and are used to purchase
investments in one or more subaccounts chosen by the contract owner.”
2. On p. 159, the second and third full paragraphs currently read:
“Typically, variable annuities offer a wide variety of variable subaccounts. In addition, contract
owners usually can place a portion of premiums in a fixed subaccount, which is a subaccount
that guarantees payment of a fixed rate of interest for a specified period of time. Unlike money
invested in variable subaccounts, money invested in a fixed subaccount is held in the insurer’s
general account. During a variable annuity’s accumulation period, the annuity’s accumulated value
will fluctuate directly with the investment performance of the chosen subaccounts.
At the beginning of the payout period, the variable annuity contract owner typically has the option of
receiving income payments that

Are fixed in amount from a fixed subaccount

Fluctuate as the result of the investment performance of specified variable subaccounts

Are based on the results of a combination of fixed and variable subaccounts, so that a
portion of the periodic income payments will be stable and another portion will fluctuate”
The paragraphs should read:
“Typically, variable annuities offer a wide variety of subaccounts. In addition, contract owners
usually can place a portion of premiums in a fixed fund, which guarantees payment of a fixed rate
of interest for a specified period of time. Unlike money invested in subaccounts, money invested in
a fixed fund is held in the insurer’s general account. During a variable annuity’s accumulation
period, the annuity’s accumulated value will fluctuate directly with the investment performance of
the chosen subaccounts.
At the beginning of the payout period, the variable annuity contract owner typically has the option of
receiving income payments that

Are fixed in amount from a fixed fund

Fluctuate as the result of the investment performance of specified subaccounts

Are based on the results of a combination of a fixed fund and one or more subaccounts,
so that a portion of the periodic income payments will be stable and another portion will
fluctuate”
3. Chapter 10, page 167 and in the Glossary on page 246: The definition of an individual
retirement arrangement (IRA) should be “a tax-favored savings arrangement that an individual
establishes and that meets certain requirements specified in the U.S. federal tax laws.”
4. The following update reflects a content change in response to the Department of Labor (DOL)’s
fiduciary rule. This change does not affect examinations at this time. We expect to make
additional updates closer to the April, 2017 applicability date of the rule.
On page 10.7, in the first full paragraph, 2nd line, the text currently states, “Using the
information from the computer models, actuaries determine the new product’s premium rates,
producer commission rates, reinsurance strategies, and other financial factors.” Please replace
“commission rates” with “compensation rates,” so that the sentence reads, “Using the
information from the computer models, actuaries determine the new product’s premium rates,
producer compensation rates, reinsurance strategies, and other financial factors.”
Test Preparation Guide for LOMA 280 (2011)
1. On p. 24, Chapter 6, in Practice Questions 9, the correct answer is that there is no correct response
for this question. Both endowment and cash value policies can pay fixed benefits before maturity,
and at maturity. For a cash value life insurance policy, if the insured survives to the last date on the
mortality table, then the benefit is paid, and in some types of cash value life (e.g. whole life), the
benefit can be said to be "fixed." The last date on the mortality table date can be referred to as the
"maturity date." Because of this interpretation, answer choice (1) applies to both endowment
policies and cash value life insurance policies.
Back to Index
LOMA 290:
Insurance Company Operations
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Some of these textbooks were printed with an incorrect ISBN number on the inside of
the book. The correct ISBN number is: 978-1-57974-380-2.
Insurance Company Operations, Third Edition (2012)
1. On p. 14.14, Chapter 14, the last sentence under Reinstatements should read: “In such cases,
the CSR obtains from the policy administration system the amount of (1) back premiums due and
(2) outstanding policy loans.”
2. Chapter 14, page 14.11: Industry terminology has changed. Please substitute the term
“unassigned policyowner” wherever the term “orphaned policyowner” appears.
Back to Index
LOMA 301:
Insurance Administration
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Insurance Administration, Fourth Edition (2011)
1. On p. 94, Chapter 4, the first sentence under the formula for calculating BMI currently reads: “For
example, if an adult male is 5’10” tall and weighs 170 pounds, his BMI is 170 ÷ 702 × 703 = .035 ×
703 = 24.6.” The sentence should read: “For example, if an adult male is 5’10” tall and weighs 170
pounds, his BMI is 170 ÷ 702 × 703 = .035 × 703 = 24.6.”
2. On p. 318, Glossary, for Gramm-Leach-Bliley (GLB) Act, the sentence currently reads: “A U.S.
federal law that removed may of the barriers to affiliations among institutions in the various
segments of the financial services industry.” The document should read: “A U.S. federal law that
removed many of the barriers to affiliations among institutions in the various segments of the
financial services industry.”
3. Chapter 12, page 272: Industry terminology has changed. Please substitute the term “unassigned
policyowner” wherever the term “orphaned policyowner” appears.
Test Preparation Guide for LOMA 301 (2011)
1. On p. 72, sample examination, question #33, the first sentence of the question currently reads:
“Larry Shaupe, a resident of Canada, was the policyowner-insured of a whole life insurance policy
that included a two-year suicide exclusion and a two-year incontestable period.” Replace
“incontestable” with “contestable” so that the sentence reads: “Larry Shaupe, a resident of
Canada, was the policyowner-insured of a whole life insurance policy that included a two-year
suicide exclusion and a two-year contestable period.”
2. On p. 55, chapter 12, practice question #6, the first answer choice currently reads: “Because
providing customer service by telephone can lead to employee frustration and burnout, most
insurers allow CSRs to rotate off this service for several hours each day.” Replace entire answer
choice so that the first answer choice reads: “CSRs use telephones extensively to explore
customer needs and to gather information to fulfill those needs.”
Back to Index
LOMA 307:
Business and Financial Concepts for Insurance Professionals
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Business and Financial Concepts for Insurance Professionals (2010)
1. On p. 18, Figure 1.1, the first caption currently says, “Each of Canada’s nine provinces…” The
caption should say, “Each of Canada’s ten provinces…
2. Chapter 1, page 25: The information in the first paragraph is incorrect. Financial institutions are
not always fiduciaries. In addition, the glossary definition of fiduciary should read, “An
individual or entity who holds a special position of trust or confidence when handling the affairs
of another and who must put the other’s interest above the fiduciary’s own interest.”
3. On p. 93, in Chapter 4, the example in the third blue box on this page currently says, “at 5%
interest, compounded annually.” Instead the example should say, “at 5% simple interest,
compounded annually.” An investment of only one year does not have compounded interest.
4. On p. 94, in Chapter 4, the example in the second blue box currently says, “At a 5% interest
rate.” The example should say, “At a 5% interest rate, compounded annually.”
5. On p. 135, the first sentence just below the second text box currently says, “In this situation,
$1.00 now will buy what $0.97 bought one year ago.” This example actually illustrates an
inflation rate of 3.09%. The sentence should say, “In this situation, $1.03 now will buy what
$1.00 bought one year ago.”
6. On p. 219, the last bulleted sentence currently says, “Product shelf-life, which is an estimate of
the length of time a policy will remain in force..." This sentence should say "Product shelf-life,
which is an estimate of the length of time a product will remain in force ..."
7. On p. 229, Chapter 11, in the section called Sample Mean, the highlighted rows are incorrectly
highlighted. The first row of numbers should be highlighted and then every other row should be
highlighted so that the numbers in row one, three, and five are highlighted. The calculations
located in the paragraph just below the list of numbers are correct. The chart in the blue box
should read:
100
100
125
170
200
230
Life Insurance Claims
250
290
320
350
255
290
320
350
270
300
340
350
270
300
340
360
280
310
350
360
285
310
350
400
420
430
450
480
500
530
8. On p. 230, the numbers in the blue box are incorrect. The sum of the squared distances should
be 173,113 (not 173,725), and the sample variance should have been 10,183 (not 10,219). With
a sample variance of 10,183, the sample standard deviation should have been 100.91, rounded
to 101, which is what the text has. The last three paragraphs in the blue box should read:
“To calculate the sample variance, he squared the distance between each value and the mean,
and then summed all the squared distances. In this sample, the sum of all the squared
distances was equal to 173.113.
The manager then divided the total by the number of values in the sample minus 1. Dividing
173,113 by 17 (the number of values in the sample minus 1) produced a sample variance of
10,183.”
To calculate the sample standard deviation, the manager calculated 10,183. The result was a
sample standard deviation of approximately 101.
Back to Index
LOMA 311:
Business Law for Financial Services Professionals
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Business Law for Financial Services, Second Edition (2012).
1. The following update reflects a content change in response to the Department of Labor (DOL)’s
fiduciary rule. This change does not affect examinations at this time. We expect to make
additional updates closer to the April, 2017 applicability date of the rule.
On page 15.21, please add the following section after the section entitled, “Plan Fiduciaries.”
Regulation of Retirement Investment Advice
The Department of Labor (DOL) administers ERISA. A DOL regulation, with an applicability date
of April 10, 2017, states that any individual who provides advice concerning a retirement
investment decision is a fiduciary if:


He receives compensation for providing the advice.
The advice is individualized or specifically directed to a plan, plan fiduciary, plan
participant or beneficiary, or IRA owner.
Such retirement investment decisions can include, but are not limited to, what assets to
purchase or sell and whether to roll money over from a retirement plan to an IRA. The fiduciary
can be a registered representative, insurance producer, or other type of financial advisor. Being
a fiduciary in this situation means that the advisor must provide impartial advice in the client’s
best interest and can only accept payments creating conflicts of interest if he follows a series of
steps intended to assure that the customer is adequately protected. Commissions, for example,
are considered to create a conflict of interest.
In Chapter 5, we discussed how FINRA conduct rules require a person making an investment
recommendation must ensure that the recommended investment is suitable for the customer.
The DOL regulation requires that, for retirement investment advice, the person making the
recommendation must meet the higher standard of determining that the recommended
investment is in the customer’s best interest.
Source: https://www.dol.gov/ebsa/newsroom/fsconflictsofinterest.html
Back to Index
LOMA 320:
Insurance Marketing
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Insurance Marketing (2012).
1. The following two updates reflect content changes in response to the Department of Labor
(DOL)’s fiduciary rule. These changes do not affect examinations at this time. We expect to
make additional updates closer to the April, 2017 applicability date of the rule.
In Chapter 8, at the top of page 214 at the end of this section on “Commissions and Bonuses,”
please add the following text:
Beginning in April 2017, for products that will be held within or funded with distributions from a
retirement plan or individual retirement arrangement (IRA), insurers and producers must
follow certain enhanced compliance procedures in order for the producers to receive payment in
the form of commissions, bonuses, incentive conferences, and any other types of compensation
that could lead a producer to promote one type of product more than another. This shift is a
result of a Department of Labor (DOL) regulation effective in April 2017 that states that any
individual, including a producer, who provides advice concerning a retirement investment
decision is a fiduciary if:


He receives compensation for providing the advice.
The advice is individualized or specifically directed to a plan, plan fiduciary, plan
participant or beneficiary, or IRA owner.
Producers who meet the definition of a fiduciary under this regulation must provide impartial
advice that is in the client’s best interest. Furthermore, the financial professional can only accept
payments creating conflicts of interest, such as commissions, if he follows a series of steps
intended to assure that the customer is adequately protected.
Key Term Definitions:
retirement plan. A formal group program designed to help group members, during their
working years, to accumulate financial provisions for their own support and that of their
dependents, with benefits beginning when the group members no longer work at gainful
employment.
individual retirement arrangement (IRA). In the United States, a tax-favored retirement
savings vehicle that allows a person with taxable compensation to deposit a stated amount of
that compensation into the vehicle. An IRA can take the form of either an individual retirement
account or an individual retirement annuity.
fiduciary. An individual or entity who holds a special position of trust or confidence when
handling the affairs of another and who must put the other's interest above the fiduciary's own
interests.
2. In Chapter 11, at the top of page 300 at the end of the section on Suitability, please add the
following text:
Fiduciary Duty for Retirement Investment Advice
The Department of Labor (DOL) fiduciary regulation, with an applicability date of April 10, 2017,
states that individuals providing retirement investment advice are fiduciaries. Rather than
determining that the recommended product is a suitable one for the customer, the producer
must determine that the product is in the customer’s best interest. This fiduciary requirement is
a higher standard than suitability and requires insurers and producers to follow certain
enhanced compliance procedures in order for the producers to receive payment in the form of
commissions, bonuses, incentive conferences, and any other types of compensation that could
lead a producer to promote one type of product more than another. These requirements apply to
products that will be held within or funded with distributions from a retirement plan or IRA.
LOMA 320:
Insurance Marketing
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Test Preparation Guide for LOMA 320 (2010)
1. On p. 79, in the Sample Examination, Question #48, answer choice (4) should read, “Search
engine optimization (SEO) is a method of designing Web sites that helps ensure a Web site
ranks as high as possible in the search results for targeted key words.”
Back to Index
LOMA 335:
Operational Excellence in Financial Services
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Operational Excellence in Financial Services (2011)
1. On p.194, in the section titled Mean Forecast Error, the two bullets at the top of the page read as
follows:
 A value for MFE that is greater than zero indicates that the forecasts tend to overstate the
actual value.
 A value for MFE that is lower than zero indicates that the forecasts tend to understate the
actual value.
These bullets should read as follows:
 A value for MFE that is greater than zero indicates that the forecasts tend to understate the
actual value.
 A value for MFE that is lower than zero indicates that the forecasts tend to overstate the
actual value.
2. On p.321, in the section titled IT Audit Standards and CobIT, the term in the first sentence of the
second paragraph currently reads as, “Control Standards for Information and Related
Technologies” and should read as, “Control Objectives for Information and Related Technologies.”
3. On p. 326, chapter 13, the second sentence in the last paragraph says: “Best provides ratings
based solely on publicly available data.” The sentence should read: “Best provides ratings based
on a combination of publicly available data and proprietary information.”
Test Preparation Guide for LOMA 335 (Online Interactive Version) (2011)
1. In Chapter 12, Practice Question 11, the wording should be as follows:
On a typical day at the Talifero Company's contact center, 18% of the day's calls arrive by 10:30
a.m. and 7% of the day's calls typically arrive during the half-hour period between 1:30 p.m. and
2:00 p.m. On one particular day, the call volume was heavier than normal with 450 calls arriving
before 10:30 a.m. Using proportions to update his forecast, the contact center manager calculated
the number of calls likely to arrive for the entire day and the number of calls likely to arrive
between 1:30 p.m. and 2:00 p.m. The manager's calculations resulted in updated forecasts of
(1) 460 calls for the entire day and 75 calls for the period between 1:30 p.m. and 2:00 p.m.
(2) 460 calls for the entire day and 90 calls for the period between 1:30 p.m. and 2:00 p.m.
(3) 2,500 calls for the entire day and 175 calls for the period between 1:30 p.m. and 2:00 p.m.
(4) 2,500 calls for the entire day and 350 calls for the period between 1:30 p.m. and 2:00 p.m.
2. On p. 50, chapter 13, question 8 can be disregarded. The information on which A.M. Best bases its
ratings will not be tested in the examination.
8. The following statement(s) can correctly be made about rating agencies for insurance and
financial services companies:
A. The A.M. Best Company provides ratings of insurers that are based solely on publicly
available data.
B. DALBAR is a financial services market research company that performs ratings and
evaluations of marketing practices and communications.
(1) Both A and B
(2) A only
(3) B only
(4) Neither A nor B
Back to Index
LOMA 357:
Institutional Investing: Principles and Practices
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Institutional Investing: Principles and Practices (2013)
1. Page 2.11. The box on the page says FINRA conduct rules impose a fiduciary standard. FINRA
does not currently enforce or impose fiduciary standards.
2. On page 3.11, Figure 3.4, bullet point 5 reads: Promote the integrity of and uphold the rules
governing capital markets. The bullet point should read: “Promote the integrity and viability of
the global capital markets for the ultimate benefit of society.”
Source: CFA Institute, Standards of Practice Handbook, 11th ed. (effective 1 July 2014) (Corrected
September 2014) (Charlottesville, VA: CFA Institute, 2014)
http://www.cfapubs.org/doi/pdf/10.2469/ccb.v2014.n4.1 (11 November 2014). Used with
permission.
3. On text page 4.22, Chapter 4, the passage now incorrectly reads: “For an inverted yield curve,
whenever long-term market interest rates become higher than short-term market interest rates,
analysts consider that the economy is likely overheating or that financing has become difficult to
obtain.” The sentence should read: “For an inverted yield curve, whenever long-term market
interest rates become lower than short-term market interest rates, analysts consider that the
economy is likely overheating or that financing has become difficult to obtain.”
4. Chapter 4, text page 4.27 incorrectly reads: “Debt-to-service coverage ratio is the ratio of a
borrower’s monthly interest payments owed or mortgage payments owed to its monthly earnings
before interest and taxes. The lower the ratio, the easier for the entity to meet its debt obligations.”
The version of text page 4.27 paragraph should read as follows: “Debt service coverage is the
ratio of a borrower’s net operating income divided by total debt service. For a mortgage on real
estate, net operating income consists of monthly earnings before interest and taxes, and debt
service consists of the borrower’s monthly mortgage payments owed. The higher the ratio, the
easier for the borrower to meet the debt obligations.”
5. On text page 8.17, Chapter 8, Figure 8.11 contains an error. Within the magnifier on the lower left,
the scale markings are incorrect where indicated by the area indicated in the graphic:
The numerical scale of the lower left magnifier should be 0, 0.5%, and 1%, as shown in the next
illustration:
0.5%
1%
6. Chapter 9, text page 9.17 incorrectly reads: “The debt-to-service ratio-the ratio of the property’s
net operating income divided by its total debt servicing for interest, principal, or lease payments-is
another ratio useful in commercial real estate valuations. The higher the ratio, the easier for the
entity to cover its debt obligations.” The corrected version of the page 9.17 paragraph should read
as follows: The version of the page 4.27 paragraph should read as follows: “Debt service
coverage is the ratio of a borrower’s net operating income divided by total debt service. For a
mortgage on real estate, net operating income consists of monthly earnings before interest and
taxes, and debt service consists of the borrower’s monthly mortgage payments owed. The higher
the ratio, the easier for the borrower to meet the debt obligations.”
7. On page 9.18, there is a typo in the first sentence of the second paragraph. The corrected word is
highlighted below: “Most insurers in the United States employ a mortgage correspondent – a real
estate professional who originates mortgage loans in a local area.”
8. On page 10.9, Chapter 10, the first example box near the top of the page reads: “Because the P/B
ratio of Gizmo Investments is 0.65, an analyst knows that Gizmo’s shares are currently trading at 65
percent of Gizmo’s stockholders’ equity. If the P/B ratio of other companies in the same industry as
Gizmo is lower than 65 percent, then Gizmo stock may represent a good value, in that Gizmo stock
may be undervalued for its industry.” The sentence should read: “Because the P/B ratio of Gizmo
Investments is 0.65, an analyst knows that Gizmo’s shares are currently trading at 65 percent of
Gizmo’s stockholders’ equity. If the P/B ratio of other companies in the same industry as Gizmo is
higher than 65 percent, then Gizmo stock may represent a good value, in that Gizmo stock may be
undervalued for its industry.
Test Preparation Guide for LOMA 357 (Print/PDF versions only) (2013)
1. In Chapter 9, Practice Question #14, the wording should be as follows (corrected text is highlighted
below):
Two types of structured mortgage securities are a collateralized mortgage obligation (CMO) and a
commercial mortgage-backed security (CMBS). CMBSs are securities based on portfolios of
(residential / commercial) mortgages. One characteristic of a CMBS is that this type of security is
generally (callable / noncallable).
(1) residential / callable
(2) residential / noncallable
(3) commercial / callable
(4) commercial / noncallable
2. On page 47, Chapter 9 of the Practice Questions, the second sentence of Question 14 reads:
“CMOs are securities based on portfolios of (residential / commercial) mortgages.” The sentence
should read: “CMBSs are securities based on portfolios of (residential /commercial) mortgages.”
3. In Chapter 10, p. 5 (print) and portal Practice Question #7 (the last question in a minicase), the
wording should be as follows:
Cecil Turco wanted to purchase shares of Longtime, Inc.'s common stock because he was
impressed with Longtime's record of dividend payments and the stock's potential for capital gains
over time. Mr. Turco obtained the following financial information from Longtime's most recent
annual report:




Total profit = $2,400,000
Number of shares of common stock outstanding = 1,000,000
Preferred stock dividends = $600,000
Book value of common stock = $64 per share
The current market price of Longtime's common stock is $40 per share, and the common stock
pays annual dividends of $2 per share. The price/book ratio of other companies in the same
industry as Longtime is 55%.
After completing his research, Mr. Turco placed an order with his broker to buy 100 shares of
Longtime stock immediately at the best available price. Mr. Turco purchased the stock prior to
September 30, the record date for a dividend on Longtime stock.
With regard to September 30, the record date, it most likely is correct to say that this date, by
definition, is the date that
(1) is typically two business days prior to the date on which an investor must be a
registered Longtime stockholder to be entitled to the dividend
(2) Longtime's board of directors announces that it intends to pay a dividend
(3) is specified by Longtime’s board of directors to determine who will receive the
dividend
(4) Longtime must pay a declared cash dividend or distribute additional shares of stock to
Longtime's registered stockholders
4. Sample Exam Question 44: The question refers to the company name as both Tailwind and
Marzipan. Replace “Current market price of Marzipan’s common stock = $40” with “Current market
price of Tailwind’s common stock = $40.”
Back to Index
LOMA 361:
Accounting and Financial Reporting in Life Insurance Companies
________________________________________________________
Accounting and Financial Reporting in Life Insurance Companies (2010)
1. Page 26: Delete the first full sentence on this page (“For this reason, insurance
companies have a fiduciary [trust] relationship with their policyowners.”) Insurance
companies do not always have a fiduciary relationship with policyowners. In the next sentence,
delete the word “fiduciary,” so that the sentence reads, “To meet its obligations, an insurer
must set aside the funds−reserves−necessary to meet those obligations as they become due.”
2. In Figure 1.3, Sources and Uses of Funds, delete the word “fiduciary” from the first sentence
under “Uses of Funds” in the “Activity” column.
3. On p. 35, Chapter 2, in the second bullet question under Securities and Exchange
Commission, the word “variable” should be added to the term “universal life insurance.” The
bolded question should then read as “Does the insurer sell equity-based products, such as
variable annuities, variable universal life insurance, or variable life insurance?”
4. On page 33, Chapter 2, the second sentence under U.S. Generally Accepted Accounting
Principles reads: “Mutual insurers and fraternal insurers comply with GAAP if they sell variable
products, such as universal life insurance, variable annuities, or variable life insurance.” The
sentence should read: “Mutual insurers and fraternal insurers comply with GAAP if they sell
variable products, such as variable universal life insurance, variable annuities, or variable life
insurance.”
5. On p. 67, Chapter 4, the word "variable" should be added to the last sentence under Annual
Report. It should read as “Mutual and fraternal insurance companies also must comply
with U.S. GAAP if they offer equity-based insurance products, such as variable annuities,
variable life insurance, or variable universal life insurance.”
6. In Chapter 5: Asset Accounting and Invested Assets on page 80, there is an error in the second
accounting entry on the page. The correct accounting entry should read:
Mortgage Loan—Mayflower Mall…. 20,000,000
Cash……………………………………………………. 20,000,000
A basic debit to establish the issue of this mortgage most likely would be Mortgage—Mayflower
Mall or Mortgage Loan—Mayflower Mall. The mortgage loan is an asset and the periodic
payments of principal and interest are receivables, which are also assets. Expenses—such as
property maintenance and taxes—related to the property are typically handled through an
escrow account, which is a liability account, to keep the escrow amounts separate from the
principal and interest payments on the mortgage.
7. On p. 95, Chapter 6, in the second bullet under the heading The General Account and
Separate Accounts insert the word “variable” in front of “universal life insurance,”.
8. On p. 96, Chapter 6, in the first bullet under the heading Separate Accounts in Figure 6.3,
insert the word “variable” in front of “universal life insurance,”.
9. On p. 110, Chapter 7, in the second accounting entry in Figure 7.3, the monetary amounts
currently read:
Contractual Reserves—Life………………... 300,000
Change in Reserves—Life………………... 300,000
The monetary amounts should read:
Contractual Reserves—Life………………... 100,000
Change in Reserves—Life………………... 100,000
10. On p. 119, Chapter 8, the last sentence in the second paragraph under Cash Surrender
currently reads:
“Because the reserve for a policy is never less than the cash surrender value, the net effect of
the policy surrender is an increase in surplus, as shown in the following example.”
The sentence should read:
“The reserve for a policy must equal or exceed the policy’s cash surrender value. If the
reserve equals the cash surrender value, the net effect of the surrender is an equal
decrease in Cash, an asset account and in Reserves, a liability account. The following
example shows the net effect—an increase in surplus—of a cash surrender when the
reserve is greater than the policy’s cash surrender value.”
11. On p. 139, Chapter 9, in the first sentence of the last paragraph on the page, insert the word
“variable” in front of “universal life insurance”. The sentence should then read:
“Changes in an insurer’s investments in separate account portfolios—portfolios of assets that
support an insurer’s variable universal life insurance, variable life insurance, and variable
annuity products—affect the insurer’s surplus.“
12. On p. 160, Chapter 11, the first sentence in the Example box currently reads “Eclectic’s total
asset turnover is 0.59 ($6,949,176 ÷ $11,825,060), which indicates that Eclectic generated
$0.59 for every $1.00 invested in total assets.” This statement is incorrect. Eclectic’s total
assets should be $14,825,060 (taken from the balance sheet on p. 157, Figure 11.1). The
Example box should read “Eclectic’s total asset turnover is 0.47 ($6,949,176 ÷ $14,825,060),
which indicates that Eclectic generated $0.47 for every $1.00 invested in total assets.”
13. On p. 174, Chapter 12, the third sentence in the highlighted Example box currently states, “In
this case the result would be a positive variance of $3 ($38 - $33).” The chart below it shows the
Standard Cost for Quarter 2 as $35. Therefore, the sentence should read, “In this case the
result would be a positive variance of $3 ($38 - $35).”
14. On p. 200, Chapter 14, in Figure 14.2 the row called “Life” currently reads:
$7,018,245
47.3%
$ 6,983,4865
0.2%
The amounts/percents under 2008 are incorrect and should read as:
$7,018,245
47.3%
$ 6,983,486
50.2%
In the same figure, the row called “Health” currently reads:
3,315,4222
2.4%
3,055,782
22.0%
The amounts/percents under 2009 are incorrect and should read as:
3,315,422
22.4%
3,055,782
22.0%
15. On p. 210 of Chapter 14, the Cost Analysis table should be as follows:
Genteel Life Insurance Company
Common-Size Balance Sheet
December 31, 2009
Assets
Total securities available for sale
Other assets
Total Assets
2009
85.7%
14.3%
100%
2008
88.4%
11.6%
100%
Total Liabilities
Total Stockholders’ Equity
Total Liabilities and Owners’ Equity
70.5%
4.9%
75.4%
24.6%
100%
73.0%
3.9%
76.9%
23.1%
100%
Liabilities and Owners’ Equity
Total policy liabilities
Other liabilities
16. On p. 249, the Glossary definition for calculating the effective rate of return is incorrect and
should be “The actual rate of return on a bond, if the purchase price differs from the
bond’s par value; obtained by dividing the annual bond interest by the purchase price
paid for the bond. The text definition on p. 78 is correct.
Test Preparation Guide for LOMA 361 (Online Interactive Version) (2010)
1. In Chapter 8, Question 4, replace the feedback with the following sentence:
“The reserve for a policy must equal or exceed the policy’s cash surrender value. An
increase in surplus is the net effect of a cash surrender when the reserve is greater than the
policy’s cash surrender value.”
2. In Chapter 9, Question 11, insert the word “variable” in front of “universal life insurance” in the
feedback boxes.
Back to Index
LOMA 371:
Risk Management and Product Design for Insurance Companies
________________________________________________________
No text corrections for Risk Management and Product Design for Insurance Companies,
Second Edition (2012).
__________________________________________________
Test Preparation Guide for LOMA 371 (2012)
1. On p. 48, Chapter 12, Practice Question 2, there is a typo in the last sentence of the
question, which currently reads as, “Mr. Cassidy correctly determined that the SP for this
block of 100,000 one-year term life insurance policies equals”
The correct sentence should read as, “Mr. Cassidy correctly determined that the SP for this
block of 10,000 one-year term life insurance policies equals”
2. On Module 2, Chapter 8, question #7 currently reads as, “An annuity is any series of equal
payments made at regular intervals over a specified time period. Therefore, level annual
premiums for a who life insurance policy, equal rent payments paid at the beginning of
each month, and monthly income benefits from a fixed annuity all qualify as an annuity.
Therefore, flexible premiums for a universal life insurance policy would not qualify as an
annuity.”
Question #7 should read as, “An annuity is any series of equal payments made at regular
intervals over a specified time period. Therefore, level annual premiums for a whole life
insurance policy, equal rent payments paid at the beginning of each month, and monthly
income benefits from a fixed annuity all qualify as an annuity. Therefore, flexible premiums
for a universal life insurance policy would not qualify as an annuity.”
Back to Index
ACS 100:
Foundations of Customer Service
________________________________________________________
No text corrections for Foundations of Customer Service, Third Edition (2015)
_________________________________________________
Test Preparation Guide for ACS 100 (2015)
1. For practice question 6 in chapter 4 (pg. 19), the correct answer is (4) Garden – Parkside –
Temple.
Back to Index
UND 386:
Life and Health Insurance Underwriting
________________________________________________________
Examinations administered after July 1, 2013 are based on Life and Health Insurance
Underwriting, Third Edition (2013). There are no corrections for this text.
Examinations administered before July 1, 2013 are based on Life and Health Insurance
Underwriting, Second Edition (2007).
__________________________________________________________________________
Life and Health Insurance Underwriting, Second Edition (2007)
1. On p. 9, in Figure 1.1, delete “Life” from the title of the Figure and from the introductory
sentence so that they read “Underwriting Options for Individual Coverage. The following
examples illustrate actions an underwriter might take after examining the information
needed to underwrite applications for individual insurance.”
2. On p. 15, in the seventh bullet of Figure 1.4, delete “(for life insurance only)” so that it reads
“Family history.”
3. On p. 198, the third sentence in the first paragraph should be changed to read, “Typically, the
payor’s age, occupation, height, weight, and a brief medical history are sufficient evidence
of the payor’s insurability.”
4. On p. 243, in the last bullet of Figure 10.1, replace “group insured” with “group member” in the
two places it appears such that this bullet reads as follows: “Certificate of coverage
provision. States that the insurer will issue a certificate to the policyholder for delivery to
each group member. The certificate must describe the group member’s coverage, the person
to whom the benefits are payable, and any dependent coverage provided.”
5. On p. 291, the table in Figure 12.2 should be deleted and replaced with the following table:
Number of
Minimum Participation
Employees
Requirement
Less than 250
75%
250-499
65%
500-749
60%
750-999
55%
1,000 or more
Case-by-case evaluation
Back to Index
ARA 440:
Reinsurance Administration
________________________________________________________
Principles of Reinsurance, Second Edition (2013)
1. Figure 1.5 Costs of Reinsurance to the Direct Writer on page 1.15 neglects to list examples of
Monitoring Costs and lists the Administrative Processing Costs under the Monitoring Costs
heading. Monitoring Costs and Administrative Processing Costs should be correctly listed
as follows:
Monitoring Costs
Monitoring the reinsurer’s stability
Resolving disputes between the parties to the reinsurance transaction
Administrative Processing Costs
Paying reinsurance premiums
Incurring administrative costs
Processing fund transfers
Filing claims with the reinsurer
Accounting for funds
Resolving claim issues
2. On page 6.4, under "Procedures for Other Claim Situations", the word "waiver" in the first sentence
is misspelled.
Test Preparation Guide for Principles of Reinsurance, Second Edition (2013)
1. Answers to Sample Exam item 20: The CR is 3 not 4. The item assumes that the reinsurer
joined the contest in which case the reinsurer is entitled to share in any reduction in the amount
of a direct writer’s liability for the claim.
Explanations should be amended to reflect that the CR is 3.
Answer Explanation 1: In this case, because the reinsurer joined in the claim contest, it is
correct to say that the reinsurer is entitled to a refund or any amounts paid to the direct writer.
However, the reinsurance treaty generally allows the reinsurer the option to participate in the
claim contest, although the reinsurer rarely decides not to participate.
Answer Explanation 2: The reinsurance treaty generally allows the reinsurer the option to
participate in a claim contest. Additionally, because the reinsurer joined in the claim contest in
this case, the reinsurer is entitled to a refund or any amounts paid to the direct writer in the
case.
Answer Explanation 3: A contest of an insurance claim is a court action to determine the
validity of a claim. A direct writer rescinds a policy only after careful review, typically including
consultation with representatives from the company’s underwriting, medical, and legal
departments and strict adherence to applicable laws regarding unfair claim practices. If the
direct writer decides to rescind the policy, the beneficiary or policyowner may file a lawsuit
seeking to force the direct writer to pay the claim. The reinsurer has the option to participate in
the contest, although the reinsurer rarely decides not to participate. In this case, the reinsurer
joined in the contest. By joining the contest, the reinsurer becomes (1) liable for its share of the
expenses of the court action and (2) eligible to share in any reduction in the amount of the direct
writer’s liability for the claim.
Answer Explanation 4: It is correct to say that a reinsurer is not required to join in a claim
contest. However, because the reinsurer joined in the contest in this case, the reinsurer is
entitled to a refund or any amounts paid to the direct writer. If the reinsurer had declined to
participate in the lawsuit, the reinsurance treaty typically requires the reinsurer to pay its
proportionate share of the full claim amount due and any expenses incurred to date to the direct
writer. Thereafter, the reinsurer has no further liability for any other expenses related to the
claim. The reinsurer also is not entitled to a refund or any amounts paid to the direct writer in the
case.
Back to Index
PFSL 280:
Principios del Seguro de Vida, Salud y Anualidades
________________________________________________________
Principios del Seguro de Vida, Salud y Anualidades, Tercera Edición (2009)
1. En el capítulo 8, página 202, se hace mención de la figura 8.3 y no aparece en el texto.
___
Guía De Preparación-Principios del Seguro de Vida, Salud y Anualidades, Tercera
Edición (2009)
1. En el capítulo 9. Preguntas de Práctica. Las respuestas de la Pregunta #1 son las respuestas
que corresponden a la pregunta #2 y viceversa.
Back to Index
PFSL 290:
Operaciones de las Compañías de Seguros
________________________________________________________
Operaciones de las Compañías de Seguros, Segunda edición (2013)
________________________________________________________
Guía de Preparación para el PFSL 290
1. Para la pregunta #16 en el examen de práctica, la respuesta #2 fue traducida incorrectamente y
debe de ser lo siguiente: “….para cumplir con sus obligaciones de vencimiento a largo plazo.”
Pero deberá de ser escrita en esta manera: “….para cumplir con sus obligaciones de
vencimiento a corto plazo.”
Back to Index
LOMA 280FR:
Principes des assurances
________________________________________________________
Principes des assurances (2011)
1. 280, c. 8, p. 118. Il y a une faute de frappe dans le titre suivant:
Passage incorrect:
Clauses standard des polices d’asurance
Passage corrigé:
Clauses standard des polices d’assurance
Back to Index
LOMA 290FR:
Exploitation des compagnies d’assurance, 2nde édition
________________________________________________________
Exploitation des compagnies d’assurance, 2nde édition (2012)
1. c. 13, p. 13, Figure 13.6. Il y a une erreur de traduction dans la description de l’option de période
fixe.
Passage incorrect:
Option de période fixe : Lors du décès de l'assuré, Tonya Snellville, bénéficiaire de la police, a
choisi de laisser la somme assurée par la police en dépôt auprès de l'assureur et de recevoir un
paiement spécifi que de capital et d'intérêts jusqu'à l'épuisement de la somme due.
Passage corrigé:
Option de période fixe : Lors du décès de l'assuré, Tonya Snellville, bénéficiaire de la police, a
choisi de laisser la somme assurée par la police en dépôt auprès de l'assureur et de recevoir
chaque mois des versements égaux du capital et des intérêts pendant une période de 10
ans.
________________________________________________________
Guide de préparation à l’examen—LOMA 290 (version papier et version interactive en
ligne) (2012)
1. Questions de révision, c. 3, #11, pg 20. Il y a une erreur de traduction dans la réponse (4).
Passage incorrect:
(4) Les examens ciblés découlent souvent des plaintes de clients ou de changements récents à des
réglementations en vigueur.
Passage corrigé:
(4) Les examens ciblés découlent souvent de changements récents à des réglementations en
vigueur mais jamais des plaintes de clients.
2. Questions de révision, c. 4, #2, pg 21. Il y a une erreur de traduction dans l’énoncé de la question.
Passage incorrect:
Un des résultats provenant de l’utilisation de la dotation en personnel du pays d’origine pour doter
un bureau international en personnel est que cela
Passage corrigé:
Un des résultats provenant de l’utilisation de la dotation en personnel du pays d’accueil pour doter
un bureau international en personnel est que cela
3. Questions de révision, c. 6, #10, pg 33. Il y a une erreur de traduction dans la réponse (1).
Passage incorrect:
(1) Si les actifs d’un assureur augmentent ou si ses passifs diminuent, le capital de l’assureur
augmente.
Passage corrigé:
(1) Si les actifs d’un assureur diminuent ou si ses passifs augmentent, le capital de l’assureur
augmente.
Back to Index
LOMA 307FR:
Concepts commerciaux et financiers pour les prefessionnels de
l’assurance
________________________________________________________
Concepts commerciaux et financiers pour les professionnels de l’assurance (2011)
1. Chap. 7 – pg 159
Il y a une erreur de traduction dans la figure 7.7.
Passage incorrect :
Est généralement la démarche qui prend le moins de temps et qui coûte le moins cher
Passage corrigé :
A tendance à être plus longue et plus coûteuse que d’autres démarches
________________________________________________________
Guide de préparation à l’examen—LOMA 307
1. 307 PSE2010-27 (Question ID : 5022), c. 10, pp 213-214. Il y a une erreur de frappe dans
l’énoncé de la question.


Passage incorrect :
L’écart-type des âges de la Population A est de 5
L’écart-type des âges de la Population A est de 9


Passage corrigé :
L’écart-type des âges de la Population A est de 5
L’écart-type des âges de la Population B est de 9
Back to Index
LOMA 316FR:
Le droit des affaires pour les professionnels des services
financiers – Canada
________________________________________________________
Le droit des affaires pour les professionnels des services financiers - Canada (2006)
1. La figure 10.6 à la page 241 n’apparait pas dans le manuel.
2. La figure 12.6 à la page 292 n’apparait pas dans le manuel.
3. 316, c. 2, Aperçu 2.4, p. 52. Il manque une partie du texte dans la dernière phrase:
Passage incorrect:
Lorsqu’un litige est résolu par arbitrage, les arbitres émettent une
Passage corrigé:
Lorsqu’un litige est résolu par arbitrage, les arbitres émettent une décision écrite qui est
exécutoire pour les parties.
Back to Index
LOMA 320FR:
Marketing des assurances
________________________________________________________
Marketing des assurances (2013)
1. c. 3, p. 78. Il y a une faute de frappe à la 4ème ligne du paragraphe “Segmentation par avantages”.
Passage incorrect:
Bien que la plupart des formes de segmentation tentent de monter la relation...
Passage corrigé:
Bien que la plupart des formes de segmentation tentent de montrer la relation...
2. c. 3, p. 78. Il y a une faute de frappe à la 4ème ligne du paragraphe “Taux d’utilisation”.
Passage incorrect:
Chaque groupe a des caractéristiques différents…
Passage corrigé:
Chaque groupe a des caractéristiques différentes…
3. c. 3, p. 81. Il y a une faute de frappe à la 3ème ligne du paragraphe “ Segmentation géographique
pour les marches des entreprises”.
Passage incorrect:
Les mêmes caractéristiques géographiques – telles que l’emplacement, la densité et la croissance
de la population, et les exigences réglementaires – utilisées dans le marketing au consommateur
influence la manière...
Passage corrigé:
Les mêmes caractéristiques géographiques – telles que l’emplacement, la densité et la croissance
de la population, et les exigences réglementaires – utilisées dans le marketing au consommateur
influencent la manière...
4. c. 3, p. 84. Il y a une faute de frappe à la 2ème ligne du paragraphe “Segmentation
comportementale pour les marches des entreprises”.
Passage incorrect:
De même que les marchés de consommateurs, les marchés collectifs et des enterprises peut être
segmenté…
Passage corrigé:
De même que les marchés de consommateurs, les marchés collectifs et des enterprises peuvent
être segmentés…
5. c. 4, p. 111. Il y a des fautes de frappe à la 1ère et 2ème ligne du paragraphe “Limites de la
recherche marketing”.
Passage incorrect:
La recherche marketing permet aux compagnies de déterminer quelle est combinaison la plus
efficace et efficient des variables du marketing mix.
Passage corrigé:
La recherche marketing permet aux compagnies de déterminer quelle est la combinaison la plus
efficace et efficiente des variables du marketing mix.
6. PPQ2013, question # 44, ref. c. 5, p. 115 – Translation error in explanation of answer # 4 / Erreur
de traduction dans l’explication de la réponse no.4.
Passage incorrect :
Un nouvel achat important est une décision d’achat importante, mais le client a déjà une expérience
passée du produit ou du service et se sent plus sûr de sa décision. Majestic a pris une décision de
nouvel achat important, car elle avait une certaine expérience dans l’achat de polices d’assurance
maladie collective.
Passage correct :
Un rachat important est une décision d’achat importante, mais le client a déjà une expérience
passée du produit ou du service et se sent plus sûr de sa décision. Majestic a pris une décision de
rachat important, car elle avait une certaine expérience dans l’achat de polices d’assurance
maladie collective.
7. c. 5, p. 122. Il y a une faute de frappe à la 2ème ligne du paragraphe “L’impact des services des
achats en tant que groupes principaux de référence”.
Passage incorrect:
Les relations entre les membres du services des achats...
Passage corrigé:
Les relations entre les membres du service des achats...
8. c. 5, p. 122. Il y a une erreur de traduction à la 1ère ligne du 3ème paragraphe du paragraphe
“L’impact des services des achats en tant que groupes principaux de référence”.
Passage incorrect:
Les membres du service des achats corporatifsanisations moyennes ou grandes…
Passage corrigé:
Les membres du service des achats d’organisations moyennes ou grandes…
9. c. 5, p. 123. Il y a une erreur de traduction à la 1ère ligne du 3ème paragraphe du paragraphe
“Relations entre le conseiller en sécurité financière et la clientèle”.
Passage incorrect:
Dans les achats corporatifsanisations, comme dans les achats de consommateurs,...
Passage corrigé:
Dans les achats d’organisations, comme dans les achats de consommateurs,…
10. c. 5, p. 128. Il y a une de erreur de traduction à la 4ème ligne du paragraphe “Interprétation des
informations”.
Passage incorrect:
… et ce en fonction de ses propres besoins, valeurs,...
Passage corrigé:
… et ce en fonction de leurs propres besoins, valeurs,...
11. c. 5, p. 146. Il y a une faute de frappe à la 2ème ligne après la Figure 5.7 dans le paragraphe
“Remplacements internes”.
Passage incorrect:
…un remplacement est l’action qui consiste à racheter ou a réduire la valeur d’une police
d’assurance vie...
Passage corrigé:
…un remplacement est l’action qui consiste à racheter ou à réduire la valeur d’une police
d’assurance vie...
12. c. 5, p. 148. Il y a erreur de traduction à la 1ère ligne de la page.
Passage incorrect:
La fidélité de la clientèle dépend en fait de dans quelle mesure une compagnie comprend les
besoins de ses clients...
Passage corrigé:
La fidélité de la clientèle dépend en fait dans quelle mesure une compagnie comprend les besoins
de ses clients...
13. c. 6, p. 161. Il y a une erreur de traduction à la dernière ligne du 2ème paragraphe.
Passage incorrect:
De nombreux produits ne connaissent jamais de succès et sont retirés du marché sans même se
rendre à l’étape d’introduction.
Passage corrigé:
De nombreux produits ne connaissent jamais de succès et sont retirés du marché sans même
quitter l’étape d’introduction.
14. c. 6, p. 163. Il y a une faute de frappe à la 1ère ligne du 2ème paragraphe.
Passage incorrect:
L’apparence de matériel écrit et graphique lié au produit,...
Passage corrigé:
L’apparence du matériel écrit et graphique lié au produit,...
15. PSE2009, question # 29, ref. c.8, pp.205-206 – Translation error in option B / Erreur de traduction
dans l’option B.
Passage incorrect :
B. Travaille hors d’une agence
Passage correct :
B. Travaille dans une agence
16. PPQ2013, item # 86, question # 9, ref. c.8, pp. 219, 220 – Translation error in answer # 1 / Erreur
de traduction dans la réponse no. 1.
Passage incorrect :
(1) Un mandataire autorisé est tout représentant autorisé propriétaire, partenaire, conseiller,
gestionnaire ou directeur d’un membre de la FINRA qui est activement engagé dans la gestion des
activités relevant de la banque d’investissement ou des opérations sur titres du membre.
Passage correct :
(1) Un mandataire autorisé est tout représentant autorisé propriétaire, partenaire, conseiller,
gestionnaire ou directeur d’un membre de la FINRA qui n’est pas activement engagé dans la
gestion des activités relevant de la banque d’investissement ou des opérations sur titres du
membre.
17. c. 6, p. 179. Il y a une erreur de traduction à la 2ème ligne du paragraphe “Retrait du produit”.
Passage incorrect:
Si une compagnie ne parvient pas à modifier de manière efficace et efficiente un produit…, il doit
parfois retirer le produit du marché.
Passage corrigé:
Si une compagnie ne parvient pas à modifier de manière efficace et efficiente un produit…, elle doit
parfois retirer le produit du marché.
18. c. 7, p. 195. Il y a une faute de frappe à la 2ème ligne du 3ème paragraphe.
Passage incorrect:
La tarification souple pour les produits d’assurance collective prend parfois la forme d’appel d’offres
concurrentiels...
Passage corrigé:
La tarification souple pour les produits d’assurance collective prend parfois la forme d’appels
d’offres concurrentiels...
19. c. 7, p. 195. Il y a une erreur de traduction à la 5ème ligne du 3ème paragraphe.
Passage incorrect:
Le contrat négocié est un contrat dans lequel les conditions et les prix sont établis à travers des
conversations entre l’acheteur et le vendeur.
Passage corrigé:
Le contrat négocié est un contrat dans lequel les conditions et les prix sont établis à travers des
négociations entre l’acheteur et le vendeur.
20. c. 7, p. 195. Il y a une faute de frappe à la dernière ligne de la page.
Passage incorrect:
… un taux de prie plus bas par 1 000 $ de protection...
Passage corrigé:
… un taux de prime plus bas par 1 000 $ de protection...
21. c. 7, p. 196. Il y a une erreurde traduction à la 4ème ligne du 3ème paragraphe.
Passage incorrect:
… lorsqu’une compagnie fait payer des taux de prime différents en fonction de la jurisdiction, de la
région géographique ou du marché cible dans laquelle un produit est vendu...
Passage corrigé:
… lorsqu’une compagnie fait payer des taux de prime différents en fonction de la jurisdiction, de la
région géographique ou du marché cible dans lesquels un produit est vendu...
22. c. 7, p. 197. Il y a une erreur de traduction à la 5ème ligne du paragraphe “Tarification d’une
gamme de produits”.
Passage incorrect:
Cela implique la protection des coûts directs de chaque article de la gamme,...
Passage corrigé:
Cela implique la couverture des coûts directs de chaque article de la gamme,...
23. c. 8, p. 203. Il y a une faute de frappe à la 2ème ligne du 2ème paragraphe du paragraphe “Le
contrat d’agence”.
Passage incorrect:
Le contrat d’agence entre un conseiller en sécurité financière individual et une compagnie ou une
agence d’assurance décrit tous les aspects de l’accort entre les parties.
Passage corrigé:
Le contrat d’agence entre un conseiller en sécurité financière individual et une compagnie ou une
agence d’assurance décrit tous les aspects de l’accord entre les parties.
24. c. 8, p. 207. Il y a une faute de frappe à la 1ère ligne du 2ème paragraphe.
Passage incorrect:
A agent de service à domicile,...
Passage corrigé:
Agent de service à domicile,...
25. c. 8, p. 208. Il y a une erreur de traduction à la 8ème ligne du paragraphe “Représentants de vente
salariés”.
Passage incorrect:
…, c’est-à-dire des représentants de vente salariés spécifiquement formés dans les techniques de
service des produits d’assurance et rentes collectives.
Passage corrigé:
…, c’est-à-dire des représentants de vente salariés spécifiquement formés dans les techniques de
commercialisation et de service des produits d’assurance et rentes collectives.
26. c. 8, p. 210. Il y a une faute de frappe à la 6ème ligne du paragraphe “Octroi de permis de
conseiller en sécurité financière”.
Passage incorrect:
… et connaissant les produit qu’ils vendent.
Passage corrigé:
… et connaissant les produits qu’ils vendent.
27. c. 8, p. 210. Il y a une erreur de traduction à l’ avant-dernière ligne du 2ème paragraphe.
Passage incorrect:
… et les conseillers en sécurité financière non residents, qui résident dans un autre état ou y
conserve son lieu principal d’activités et reçoivent un permis non résident.
Passage corrigé:
… et les conseillers en sécurité financière non residents, qui résident ou conservent leur lieu
principal d’activités dans un autre état et reçoivent un permis non résident.
28. c. 8, p. 211. Il y a une faute de frappe à la 1ère ligne du paragraphe “Rémunération”.
Passage incorrect:
La rémunération que les assureurs versent conseillers en sécurité financière et aux directeurs
d’agence...
Passage corrigé:
La rémunération que les assureurs aux versent conseillers en sécurité financière et aux directeurs
d’agence...
29. c. 8, p. 211. Il y a une erreur de traduction à la 3ème ligne du paragraphe “Rémunération”.
Passage incorrect:
… et une partie intégrale de leur stratégie de marketing.
Passage corrigé:
… et une partie intégrante de leur stratégie de marketing...
30. c. 8, p. 222. Il y a une erreur de traduction à la 4ème ligne du 1er paragraphe.
Passage incorrect:
Les consultants financiers peuvent aussi être appelés “chargés de comptes”,...
Passage corrigé:
Les conseillers financiers peuvent aussi être appelés “chargés de comptes”,...
31. c. 10, p. 280. Il manque un espace entre deux mots à la 2ème ligne du paragraphe “Réputation du
spécialiste des médias”.
Passage incorrect:
Les communiqués de presse comprennent le nom d’une personne à contacter,généralement le
spécialiste des médias,...
Passage corrigé:
Les communiqués de presse comprennent le nom d’une personne à contacter, généralement le
spécialiste des médias,...
32. c. 11, p. 285. Il y a une erreur de traduction à la 8ème ligne du 2ème paragraphe du paragraphe
“Réglementation du marketing des assurances aux États-Unis”.
Passage incorrect:
… qui promeut l’uniformité des réglementations d’état en développement des lois et des
réglementations types que les états peuvent utiliser comme directives.
Passage corrigé:
… qui promeut l’uniformité des réglementations d’état en développant des lois et des
réglementations types que les états peuvent utiliser comme directives.
33. c. 11, p. 293. Il y a une erreur de traduction dans le titre du paragraphe “Diffusion”.
Passage incorrect:
Diffusion
Passage corrigé:
Divulgation
34. c. 11, p. 293. Il y a une erreur de traduction à la 9ème ligne du paragraphe “Diffusion”.
Passage incorrect:
L’Annuity Disclosure Model Regulation (Réglementation modèle pour la diffusion d’informations
sur les rentes) de la NAIC...
Passage corrigé:
L’Annuity Disclosure Model Regulation (Réglementation modèle pour la divulgation
d’informations sur les rentes) de la NAIC...
35. c. 11, p. 294. Il y a une erreur de traduction à la 4ème ligne du 1er paragraphe.
Passage incorrect:
…, la manière de déterminer la quantité d’assurance vie requise et les autres facteurs dont il faut
tenir compte...
Passage corrigé:
…, la manière de déterminer le montant d’assurance vie requis et les autres facteurs dont il faut
tenir compte...
36. c. 11, p. 294. Il y a une faute de frappe à la 6ème ligne du paragraphe “Pratiques commerciales
déloyales”.
Passage incorrect:
… dans des activités de vente frauduleuses, trompeuses ou contraires à l’étique.
Passage corrigé:
… dans des activités de vente frauduleuses, trompeuses ou contraires à l’éthique.
37. c. 11, p. 296. Il y a une faute de frappe à la 2ème ligne du paragraphe “Supervision”.
Passage incorrect:
La FINRA exige que les maisons de courtage supervisent activement leur personnel de v4ente...
Passage corrigé:
La FINRA exige que les maisons de courtage supervisent activement leur personnel de vente...
38. c. 11, p. 298. Il faut supprimer une partir du texte en double à la 2ème ligne du 2ème paragraphe
du paragraphe “Adéquation”.
Passage incorrect:
En 2006, la NAIC a adopté la Suitability in Annuity Transactions Model Regulation
(Réglementation modèle d’adéquation dans les transactions de rente) (Réglementation
modèle d’adéquation dans les transactions de rente), qui exige...
Passage corrigé:
En 2006, la NAIC a adopté la Suitability in Annuity Transactions Model Regulation
(Réglementation modèle d’adéquation dans les transactions de rente), qui exige...
39. c. 11, p. 301. Il y a une faute de frappe dans le titre du paragraphe “Exigences en matière de
confidentialité”.
Passage incorrect:
Exigences en matière de confidentialitè
Passage corrigé:
Exigences en matière de confidentialité
40. c. 11, p. 301. Il y a une faute de frappe à l’avant-dernière ligne du 2ème paragraphe du paragraphe
“Exigences en matière de confidentialité”.
Passage incorrect:
Dans tous les cas, la personne doit de manière générale avoir la possibilté d’être exemptée, c’est-à
dire...
Passage corrigé:
Dans tous les cas, la personne doit de manière générale avoir la possibilté d’être exemptée, c’est-à
dire...
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LOMA 356FR:
Principes d’investissement et l’investissement institutionnel
________________________________________________________
Principes d’investissement et l’investissement institutionel (2005)
1. c. 7, p. 293. Il y a une erreur dans l’Équation 7.8 du paragraphe “Ratios de rentabilité”. Le
numérateur du ratio de marge bénéficiaire doit être “Bénéfices après impôts” et non pas “Bénéfices
avant intérêts et impôts”.
Passage incorrect:
Marge bénéficiaire nette =
Passage corrigé:
Marge bénéficiaire nette =
2.
Bénéfices  éê  impôts
Total des revenus
Bénéfices è impôts
Total des revenus
c. 8, p. 325. Il y a une erreur dans le Tableau 8.4., à l’étape 3 du calcul. Le numérateur doit être
3,48 $ x (1,08) au lieu de 3,48 $ x (1,48).
Passage incorrect:
2003 =
2004
−
=
2003  (1+)
−
=
Passage corrigé:
2003 =
2004
−
=
2003  (1+)
−
=
3,48 $  (1,48)
0,14− (0,08)
3,48 $  (,)
0,14− (0,08)
=
=
3,75 $
0,06
3,75 $
0,06
= 62,50 $
= 62,50 $
3. c. 10, p. 421. Il y a une erreur dans l’Équation 10.2a du paragraphe “2.1. Capitalisation annuelle”. Il
faut lire VN au lieu de PV pour designer la valeur nominale de l’obligation.
Passage incorrect:
PO = (  ) + ( )
Passage corrigé:
PO = (  ) + (  )
4. c. 10, p. 422. Il y a une erreur dans le calcul en haut de la page. Il faut lire (95 $ x 8,514) au lieu de
(95 $ x 38,514).
Passage incorrect:
Prix de l’obligation = (95 $    10 %  20 )
+ (1 000 $    10 %  20 )
= (95 $  38,514) + (1 000 $  0,149) = 957,83 $
Passage corrigé:
Prix de l’obligation = (95 $    10 %  20 )
+ (1 000 $    10 %  20 )
= (95 $  , ) + (1 000 $  0,149) = 957,83 $
5. c. 10, p. 422. Il y a une erreur dans l’Équation 10.3a du paragraphe “2.2. Capitalisation
semestrielle”. Il faut lire VN au lieu de VA pour désigner la valeur nominale de l’obligation.
Passage incorrect:
PO = (⁄2  ∗ ) + (  ∗ )
Passage corrigé:
PO = (⁄2  ∗ ) + (  ∗ )
6. c. 10, p. 423. Il y a une erreur en haut de la page. Il faut lire VN au lieu de VA pour désigner la
valeur nominale de l’obligation.
Passage incorrect:
I, VA = décrit ci-dessus
Passage corrigé:
I, VN = décrit ci-dessus
7. c. 10, p. 425. Il y a une erreur dans la première équation, en haut de la page. Il faut lire VN au lieu
de PV pour désigner la valeur nominale de l’obligation.
Passage incorrect:
Prix de l’obligation = (  ) + ( )
Passage corrigé:
Prix de l’obligation = (  ) + ( )
8. c. 10, p. 425. Il y a une erreur dans la seconde équation, au milieu de la page. Il faut lire VN au lieu
de PV pour désigner la valeur nominale de l’obligation.
Passage incorrect:
Prix de l’obligation = (  ) + ( )
Passage corrigé:
Prix de l’obligation = (  ) + ( )
9. c. 10, p. 425. Il y a une de erreur dans la formule du prix de l’obligation au milieu de la page. Il faut
lire FIVAA et FIVA au lieu de FCVAA et FCVA.
Passage incorrect:
809,50 $ = (75 $    15     ′   ? %)
+ (1 000 $    15     ′   ? %)
Passage corrigé:
809,50 $ = (75 $    15     ′   ? %)
+ (1 000 $    15     ′   ? %)
10. c. 11, p. 501. Il y a une erreur dans l’Équation 11.2. Au numérateur de la formule du calcul de RPD,
ce doit être une soustraction plutôt qu’une addition des deux termes entre parenthèses.
Passage incorrect:
RPD =
(      é   ) + (    é  é   )
    é  é   
Passage corrigé:
RPD =
(      é   ) − (    é  é   )
    é  é   
11. c. 11, p. 501. Il y a deux erreurs dans l’Équation 11.2, dans le calcul du RPD:
(217,36 x 29,14 $) donne 6 333, 87 $ et non pas 3 333,87 $.
Au dénominateur de l’équation, il faut lire 4 894 $ au lieu de 4 984 $.
Passage incorrect:
RPD
=
=
(217,36  29,14 $) − (200  24,47 $)
200  24,47 $
(3 333,87 $−4 894 $)
4 984 $
= 29,4 %
Passage corrigé:
RPD
=
=
(217,36  29,14 $) − (200  24,47 $)
200  24,47 $
( , $−4 894 $)
4 894 $
= 29,4 %
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