2019 CFA level 3 qbank reading 15 managing institutional investor portfolios questions
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2019 CFA level 3 qbank reading 15 managing institutional investor portfolios questions
10'11/2016Learning Management SystemLakeland Life Insurance Company is a U.S. based underwriter of life insurance policies doing business in 23 states 2019 CFA level 3 qbank reading 15 managing institutional investor portfolios questions s. In the past 5 years the company has completely revamped its product offerings, going from a focus on whole life policies to floating rate referenced variable and universal life policies. The average duration of the company's insurance liabilities is eight years. Lakeland targets a 1.5% spread on 2019 CFA level 3 qbank reading 15 managing institutional investor portfolios questions investment assets over liabilities. The current expected nominal actuarial return is 5% (based on current capital market conditions), but management e2019 CFA level 3 qbank reading 15 managing institutional investor portfolios questions
xpects the rate environment to get more volatile in the coming months.The company has segmented its investments into two portfolios: a fixed-income po10'11/2016Learning Management SystemLakeland Life Insurance Company is a U.S. based underwriter of life insurance policies doing business in 23 states 2019 CFA level 3 qbank reading 15 managing institutional investor portfolios questions o IS currently invested in the common and preferred stock of large, well-known U.S companies. The surplus portfolio has a dividend yield of 3%. Management expects equity markets to earn 12% per year in the long term.io is to earn a return:Question #1 of 164The appropriate return objective for the fi 2019 CFA level 3 qbank reading 15 managing institutional investor portfolios questions xed-incomeX I I I ..................A)sufficient to provide a spread of 1.5% over the promised rate on the company's variable rate insurance products2019 CFA level 3 qbank reading 15 managing institutional investor portfolios questions
while maintaining an average duration of 8 years, in order toB) of 6.5% while maintaining an projected increased interluration of slightly less than 810'11/2016Learning Management SystemLakeland Life Insurance Company is a U.S. based underwriter of life insurance policies doing business in 23 states 2019 CFA level 3 qbank reading 15 managing institutional investor portfolios questions Question #2 of 164The appropriate risk tolerance for the surplus portfolio:A)is lower than that of the fixed-income portfolio, to guard against loss of principal and maintain a constant income stream, in order to maintain public confidence in theB)is the same as that of the fixed-income portfolio. W 2019 CFA level 3 qbank reading 15 managing institutional investor portfolios questions hile the portfolios are nominally separated for regulatory purposes, they should actually be managed as a singlehnp$:.i'Vw2019 CFA level 3 qbank reading 15 managing institutional investor portfolios questions
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me portfolio, because p variable life have shorter effective maturitiese insurance products.Which of the following is NOT appropnate to include as tax10'11/2016Learning Management SystemLakeland Life Insurance Company is a U.S. based underwriter of life insurance policies doing business in 23 states 2019 CFA level 3 qbank reading 15 managing institutional investor portfolios questions ject to the Prudent Expert Rule.companilB)The regulatory constraint should include the recognition that, for U.S. life insurance law prevails over federal law.C) The regulatory constraint should include the recognition that, by law, common stock holdings are typically limited to a certain percentage 2019 CFA level 3 qbank reading 15 managing institutional investor portfolios questions of assets.Question #5 of 164A portfolio manager at an endowment fund expects inflation to increase over the intermediate to long term. How should the2019 CFA level 3 qbank reading 15 managing institutional investor portfolios questions
return objective of the investment policy statement reflect these expectations?http$:.i'V/MvkapiaffeamGọi ngay
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