Life Insurance Applications (LIA) Practice Questions - Life Insurance Applications (LIA) - Actuaries Institute Fellowship Program Exam

A life company must establish and maintain one or more statutory funds, and must keep the assets and liabilities of each statutory fund strictly distinct and separate from the assets of the company's other funds and the shareholders' fund A life company must hold all policyholder premiums in an unrestricted general bank account shared with all commercial subsidiaries A life company is prohibited from establishing more than one statutory fund under any circumstances A life company must invest all statutory fund assets in physical currency stored in cash vaults