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SOFE Exam SOFA-CFE Topic 3 Question 69 Discussion

Actual exam question for SOFE's SOFA-CFE exam
Question #: 69
Topic #: 3
[All SOFA-CFE Questions]

Which insurance arrangement, which involved insurance of a loss that had previously occurred, similarly was found not to be insurance for federal income tax purposes?

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Suggested Answer: D

by Mariann at Apr 19, 2023, 08:24 AM

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Velda
6 days ago
Annual statement, really? That's just basic accounting, not insurance. Gotta be B) retroactive, even if it sounds a bit sketchy.
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Matthew
7 days ago
Hmm, this one's tricky. I'm gonna go with B) retroactive, seems like the only option that fits the description. Though I gotta say, the IRS must have a sense of humor to call that 'insurance'.
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Gerri
8 days ago
I'm not sure, but I think D) Tax reserves could also be a possible answer because it involves setting aside funds for potential future losses.
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Marica
10 days ago
I agree with Sherly, retroactive insurance involves covering losses that have already happened.
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Sherly
15 days ago
I think the answer is B) retroactive.
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Lynna
18 days ago
Whoa, retroactive insurance? That's like trying to insure your house after it's already burned down. Pretty sure that's not how it works, am I right?
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