LOMA 361 - CHAPTER 7 EXAM
QUESTIONS AND ANSWERS. VERIFIED
2026.
Actuarial assumptions - ANS The assumed values used in a life insurance or an annuity
product design.
actuary - ANS An expert in financial risk management and the mathematics and modeling of
insurance, annuities, and financial instruments.
aggregate reserves - ANS Reserves for a block of insurance policies or contracts, a line of
business, or an entire company.
contractual reserve - ANS A liability that identifies the amount that, together with future
premiums and investment earnings, represents the expected amount of future benefits payable
on an insurer's in-force business.
GAAP accounting records - ANS Accounting records designed for financial reporting to
investors, noninsurance regulators (such as the SEC in the United States), and the general
public.
1 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED.
QUESTIONS AND ANSWERS. VERIFIED
2026.
Actuarial assumptions - ANS The assumed values used in a life insurance or an annuity
product design.
actuary - ANS An expert in financial risk management and the mathematics and modeling of
insurance, annuities, and financial instruments.
aggregate reserves - ANS Reserves for a block of insurance policies or contracts, a line of
business, or an entire company.
contractual reserve - ANS A liability that identifies the amount that, together with future
premiums and investment earnings, represents the expected amount of future benefits payable
on an insurer's in-force business.
GAAP accounting records - ANS Accounting records designed for financial reporting to
investors, noninsurance regulators (such as the SEC in the United States), and the general
public.
1 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED.
