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CTFA Dumps

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Q1.

The deduction must be based on identification of specific doubtful amounts and is limited to the maximum of doubtful debts identified in the year or a preceding year and 75 percent of the amount reported for statutory purposes.

Answer: B
Q2.

___________ reserves for income tax purposes are referred to as maximum tax actuarial reserves (MTAR) and replace the actuarial liabilities used for accounting purposes in computing taxable income.

Answer: B
Q3.

Most life insurance companies that are taxable in Canada fall into which one of the following classifications:

Answer: D
Q4.

The financial statements of which accounts maintained by insurance company that must be presented separately from the insurance company's general account business?

Answer: D
Q5.

Monetary items and non-monetary items carried at market value are translated into the reporting currency at the rate of exchange in effect on the balance sheet date under:

Answer: C

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