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10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | the risk that investment yields will be lower than predicted | Investment yield or return risk | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | measures overall profitability. = combined ratio - investment yield | Operating ratio | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | Treasury and corporate bonds, which provide reliable returns and a predictable stream of cash flow | Most P&C insurers invest their premiums in .... | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | subject to rate regulation mativated by social welfare, which reduces insurer profitability in those lines | P&C insurers are chartered and regulated at the state level. Auto and WC lines are... | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | Japan, Germany, and the United Kingdom are our most powerful competitors. | US insureres currently lead the world market in premiums written both in P&C and life... | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | - Securities firms offer securities services: They buy, sell and borker securities in secondary markets -- Investment banks originate, underwrite and distribute new issues of securities. They also advise corporations on acquisitions, mergers, and restructuring. | Services offered by securities firms and investment banks | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | 1. National full-line banks that serve retain and corporate customers 2. National full line banks that specialize in corporate finance 3. Specialized and regional firms | 3 major typses of xecurities and investement firms | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | a. Broker - dealers for retail customers (trading existing securities) b. underwriters for corporations (issuing new securities) | National full line banks that sever retail and corporate customers act as | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | 1. specialized investment bank subsidiaries of commercial bank holding companies 2. Specialized discount brokers (who trade securities w/out offering investment advice or tips) 3. regional securities firms 4. specialized electronics trading securities firms 5. Venture capital firms | Specialized and regional firms - 5 types | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | 1. investing 2. investment banking 3. Market making 4. Trading 5. Cash Management 6. Mergers and Acquisitions 7. Other services | Securities firm and investment bank activities | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | Securities firms compete with commercial banks, life insurers, and pension funds to manage pools of assets | Investing | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | investment banks underwrite and distribute new securities issues. | Investment banking | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | involves private and public placements. - In private placement, the investment bank places the securities wiht one or a few large instituational investors - In public placement the investement bank offers the securities to the public at large. | Securities Underwriting | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | acts as a securities distributor without guaranteeing a price to the issuer | A bank that offers best underwriting efforts | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | A. buys the securities at a guaranteed price and then b. tries to sell them to the public at a higher price | A bank that offers firm commitment underwriting | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | creates a secondary market in an asset. Agency transactions and Principal transactions | Market Making | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | are 2 way transactions for customers, such as buying stock from one customer and selling it to another | Agnecy Transactions | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | are transcation for the investment bank's own account, such as buying stock and holding itin the expectation of a price increase | Principal transactions | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | 1. Posting trading 2. Pure arbitrage 3. Risk arbitrage 4. Program trading 5. stock brokerage 6. Electronic brokerage | 6 types of trading activities | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | buys a large block of security in the expectation of a price increase | Position Trading | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | buys an asset in one market and then immediately sells that asset in another market at a higher price | Pure arbitrage | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | buys securities in anticipation of some new information | Risk arbitrage | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | the simultaneous, computer-assisted buying and selling of a protfolio of atleast 15 different stocks valued at greater than $1 million | Program trading | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | trades securities on behalf of individuals | Stock Brokerage | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | offers direct access to the market trading floor, bypassing the need for a stock broker. - Electronic brokerage is stock brokerage's main source of competition | Electonic brokerage | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | a cash managemeng account (CMA) lets a customer write checks against a mutual fund account, combining the advantages of money market investment and liquidity. - Securities firms use CMAs to compete with depsitory instituations | Cash Management | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | a. finding merger partners b. assessing the value of target firms c. recommednign merger agreement terms d. udnerwriting new securities issued by the merged firms e. helping target firms to avoid unwanted megers | Mergers and Acquisitions services | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | include custody, escrow, clearance, research, and advisory services. - Research and advisory services can produce conflicts of interest when advisors charge clients for research they buy from another area of the firm or bank: should clients pay for research the firm has already acquired? | "Other Services" | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | Assets concentrated in: - Receivables from other broker-dealers - securities bought under resell agreements - Long positions in securities and commodities Liabilities are concentrated in: - securites sold under repurchase agreements - payables to other broker-dealers - short positions in securities and commodities - payables to customers | Industry balance sheet characteristics: | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | Overseas securities firms' underwriting and trading activities and sets regulatory standards for th eentire industry | The Securities and Exchange Commission | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | Provides day-to-day regulation of trading practices | The New York Stock Exchange | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | provides day-to-day regulation of trading practices in the over-the -counter markets | The National Association of Securities Dealers | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | The guarantee fund that protects investors against losses up to $500,000 for securities firm failures | The Securities Investor Protection Corporation | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | A mutual fund is a finaincial intermediary that pools its investors' resoures and invests them in a diversified protfolio of assets. - They let small investors: 1. Invest in financial services 2. diversify their risks - They also reduce transaction costs adn commissions | The purpose of a mutual fund | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | 1. Free exchange of investments 2. automatic investing 3. check writing privileges 4. automatic reinvestment of dividends 5. automatic withdrawls | Mutual fund shareholder services (5) | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | sells new shares to investors and redeems outstanding shares on demand at their fair market value | Open-end Mutual funds | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | securities with original maturitites of less than one year | Money Market Mutual Funds invests in | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | securities (bonds or stocks) with original maturities of one year or more | Bond or Equity fund invests in.... | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | buying existing mutual fund groups or managing mutual fund assets for fees | Commercial banks participate in the mutual fund industry by... | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | 1. Equity Fund 2. Bond Fund 3. Hybrid Funds 4. Money Market Mutual Fund | 4 types of Mutual Funds | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | - contains common and, possibily, preferred stock - tends to stress world equity, growth or income | Equity Fund | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | - contains fixed-income securities with matuirities of more than one year - tend to stress high yields or strategic income | Bond Fund | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | - contains stocks and bonds - tends to stress asset allocation, balance, flexibility or mixed income | Hybrid fund | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | contains a mix of money market securities with original maturities of under one year. - May be income tax taxable or tax exempt | Money Market Mutual Fund | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | Equity, bond, and hybrid funds | Long term mutual funds | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | Money Market mutual funds | Short term mutual funds | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | states its objective and lists the securities that fund holds | Mutual fund prospectus | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | 1. Income - via interest and dividends 2. Capital gains - when the fund sells an asset for more than the original public offering 3. Capital appreciation - of the underlying values of existing assets | 3 elements of a mutual funds portfolio returns: | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | = the market value of a fund's assets/the # of outstanding shares | Net Asset Value (NAV) of a mutual fund | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | - has a fixed supply of outstanding shares in vested in other firms' securities and assets - If shares are in high demand it can trade shares above NAV - if shares are in low demand it might trade shares at below NAV | A closed end investment company | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | is a closed end investment company that invests in real estate company shares and/or large mortgages | A real estated investement trust (REIT) | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | the agent's one-time sales commision charge. | Sales Load | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | has an up front sales or commission charge. | a load fund | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | investors would reather pay less for funds than recieve the extra personal attention of a sales agent | No load funds are more popular because | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | spread over the life of the investment, to help calculate total mutual fund costs per year. Simply divide the sales load % by the # of years the investor expects to hold the shares. | Sales load can be "annualized" | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | 1. Sales load 2. fund operating expenses | 2 costs of investing in a mutual fund | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | 1. increased their holdings in corporate equities 2. decreased their relative holdings in US and municipal securities | In the 90s and 2000s long term mutual funds did two things | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | requires mutual funds to file registration statements and sets rules and regulatiosn for prospectuses. - The buying and selling of mutual fund shares is subject to antifraud provisions | Mutual Fund Regulation The Securities and Exchange commission | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | supervises mutual fund share distributions | Mutual Fund Regulation The National Association of Securities Dealers | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | prevents conflicts of interest, fraud, and excessive fees for fund shares | Mutual Fund Regulation The investment Company Act | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | requires mutual funds to develop procedures for avoiding insider trading abuses | Mutual Fund Regulation The Insider Trading and Securities Fraud Enforcement Act | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | let the SEC halt trading on exchanges and restirct program trading. | Mutual Fund Regulation The Market Reform Act | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | exempts mutual fund sellers form oversight by state securities regulators | Mutual Fund Regulation The National Securities Margets Improvement Act | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | offer their investors the advantages of retimtent planning and tax deferred savings. | Pension Funds | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | administered by a private corporation, such as a life insurer or mutual fund | A private pension fund | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | is administered by a federal, state or local gov't | A pulbic pension fund | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | is the document that governs the operation of a pension fund | A pension plan | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | is administered by a life insurer. - The pension plan funds of an insured pension fund are pooled and invested in the insurer's general assets. - The insurer lists its pension fund-related assets as "pension fund reserves" as a liability on its balance sheet - The insurer owns all of the fund's premium payments and assets | An insured pension fund | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | is administered by a FI orther than an insurer. - the sponsoring business, participant, or union owns the pension fund's assets, which are listed as a separate pool of assets on the FI's balance sheet. - the sponsor owns all the fund's premium payments and assets | A noninsured pension fund | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | - Pays each employee a specific cash benefit upon retirement. - The benefit formula is generally based on years of employment and salary during employment | A defined benefit pension | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | - pays a flat amount for every year of employment - employees who work longer get higher benefits | The flat benefit Formula | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | - bases benefits on the employee's average salary over the employee's entire employment period. | The career average formula | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | - bases benefits on a % of the average salary earned during a specified # of years just prior to to retirement. - usually provides the higest retirement benefits | The final pay formula | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | has enough funds set aside to meet promised payments | Fully funded plan | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | has too few funds set aside | underfunded plan | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | has more than enough funds set aside | overfunded plan | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | requires each employee to contribute a specified amount to the pension fund at regular intervals. | Defined Contribution Pension | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | guarantee a minimum rate of return | Fixed income funds | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | do not guarantee a minimum rate of return, but do fluctuate with the value of the underlying assets. | Variable income funds | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | an employer sponsored plan that supplements a basic retirement plan. | 401(K) or 403(B) palns | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | 1. Employers and employees contribute to the plan 2. Participants have some control over allocation of assets 3. Asset allocation affects the fund's risks and returns. Younger participants tend to invest in equities and older participants tend to invest in fixed income bonds funds and GIC funds. 4. Contributions and accumulations are tax-free utnil withdrawn. | The 4 general charactereistics of 401(K) and 403(b) plans | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | is a self directed retirement fund. - Individual may contribute up to $4K annually in '07 - contribution limits increased to $5K in 2008 - after 2008, the contribution limits will be indexed in $500 increments, adjusted to the cost of living. - Most IRA contirubtions are invested in mutual funds | Individual Retirement Account (IRA) | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | 1. Savings are tax deferred 2. Employees chaging jobs can transfer pension savings into IRAs to maintain tax-exempt status 3. Self-employed people may use IRAs in place of employee-sponsored pension funds. | 3 advantages of IRAs | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | 1. is at least 59 1/2 years old 2. has invested the funds for at least 5 years | a ROTH IRA taxes contributions in the year of each contribution, making withdrawals tax free if the withdrawer..... | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | 1. There is no madatory withdrawal age (the mandatory w/d age for IRAs is 70 1/2) 2. Withdrawals are tax-free - since contirubtions were made with after-tax dollar | 2 advantages of ROTH IRAs | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | - a retirment account for a self-employed individual - Contirubtions and accumulations are tax-deferred, and partiipants have some control asset allocation | Keogh Account | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | - Available to federal, state, and local gov't employees - administered by a gov't department - Most are pay as you go, meaning that contributiosn from current employees pay current benefits to retired employees | Public Sector Pension | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | - the # of current employees fall - the # of retired employees rises and/or - retired employees live longer than expected | Public Sector Pensions become underfunded when... | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | - Funds for federal gov't employees - Social Security | 2 types of federal gov't pensions | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | - Civil service funds cover all federal employees who are not in the armed forces - The military pension fund covers members of the armed forces - The federal railroad pension system covers railroad employees | Funds for federal governement employees | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | - covers almost all other employees and self-employed persons in the US. - it is underfunded and is expected to be bankrupt by 2042 - it may not remain solvent because contributions are invested in low risk, low return Treasury securities; the general population growth is slowing and the # of retired people is increasing as baby boomers retire andlife expectancies increase | Social Security | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | - over 64% of private pension fund contributions are invested in corporated equities or equity mutual fund shares. - Defined benefit plans have more assets invested in gov't and corporate bonds than defined contribution plans because defined benefit plans rely on fixed-income securities to fund their fixed benefits | Asset structure of private pensions | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | - governs private pension pension funds, requiring employers to meet certain standards to qualify for tax-exampt status. - Does not require employers to provide pension plans | The Employee Retirment Income Security Act | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | - sets guidelines for fudning and sets penalties for fund deficiencies. Contributions must meet all annual consts and expenses plus any unfunded historical liabilities over a 30 year period. - any new underfudning must be funded over a 15 year period | ERISA requirements - Underfunding | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | Pension plans must have minimum vesting requirement, and can not exceed a vesting period of 10 years. | ERISA requirements - Vesting | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | Pension fund manters must meet the prudent person rule: They must invest contributions with the same care as a prudent person in similar conditions | ERISA requirements - Fund Management | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | Emplyees may transfer pension credits from one fund to another when switching jobs. | ERISA requirements - Transferability | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | The Pension Benefit Guarantee Corporation - is an insurance fund for pension fund participants - pays defined pension fund benefits if the fund can not - has generally operate as a deficit since its inception in '74, and it has recently come under investigation for questionable practices and operations | ERISA requirements - Insurance | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | the risk that contractually promised returns from the FI's loans and secrurities will not be paidn in full. - When an borrower defaults on a loan or bond the FI loses its interest income on the asset. (but may be able to recover at least some principal by claiming the borrowers assets through legal bankruptcy and insolvency proceedings) - Credit card default rates are significantly higher than real estate loans default reates. | Credit Risk of FI | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
10224d08_cpcu_560_Flashcards___Cram_com__nfluence_their_country_s_rates | 1. screening and monitoring their loan applicants 2. diversifying their credit related assets | FIs reduce credit risk by | [] | cpcu 560 Flashcards - Cram.com | Central banks influence their country's rates | http://www.cram.com/flashcards/cpcu-560-975473 | 50/1438042985647.51_20150728002305-00022-ip-10-236-191-2_370580553_0.json |
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