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Exam Code: IF1

Exam Name: Insurance Legal and Regulatory (IF1) Exam

Version: V15.35

Q & A: 208 Questions and Answers

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NEW QUESTION: 1
When you integrate new targets after the warehouse is up and running you must consider issues surrounding delta processing and making sure all the data is consistent. Determine the statement is True or False.
A. False
B. True
Answer: B

NEW QUESTION: 2
An audit of a Web-based third-party payment processor determined that a programming error enabled customers to create multiple accounts for each mailing address. This caused problems during the processing of credit card transactions. Management agreed to correct the program and notify customers with multiple accounts that the accounts would be consolidated. What should the auditor do in response?
I. Amend the scope of the subsequent audit to verify that the program was corrected and that accounts were consolidated.
II. Evaluate the adequacy and effectiveness of the corrective action proposed by management.
III. Schedule a follow-up review to verify that the program was corrected and the accounts were consolidated.
IV.
Do nothing because management has agreed to address the problem.
A. IV only
B. III only
C. II and III only
D. I and II only
Answer: C

NEW QUESTION: 3
OceanStor medium of hard disk storage system scan, by which method?
A. independent development of new analysis software
B. read hard all sectors in order
C. use third party software embedded controller
D. the use of hard disk built-in media scan function
Answer: D

NEW QUESTION: 4
Which of the following is not a prohibited practice for broker-dealers under the NASAA Model Rules?
A. borrowing money from a client
B. lending money to clients for them to invest
C. charging commissions that are significantly higher than those charged by other broker-dealers
D. providing a client with a copy of their most recent balance sheet upon request
Answer: B
Explanation:
Explanation/Reference:
Explanation: Lending money to clients for them to invest is not a prohibited practice. This is otherwise known as a margin transaction.

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