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CPCU 560 > Chapter 7 > Flashcards

Chapter 7 Flashcards

0
Q

Community Bank

A

A bank with assets of less than 1 billion that specializes in consumer or retail banking

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1
Q

Commercial Bank

A

Depository institution that makes loans and accepts deposits

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2
Q

Correspondent banking

A

banking services to banks that can’t perform the services because of low staff resources.

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3
Q

Controlled disbursement account

A

Feature permitting most payments, that are to be made throughout the day, known in the morning

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4
Q

Depository institutions

A

Commercial banks, credit unions and savings banks

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5
Q

Dual Banking Systems

A

The coexistence of national and state chartered banks in the US.

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6
Q

Economies of scope

A

Extent to which a bank produces multiple financial services to create cost synergies

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7
Q

Float

A

Delays involved with the check clearing process

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8
Q

Holding Companies

A

Parent companies that own and control subsidiary financial institutions or banks

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9
Q

Interest rate spread

A

The difference between deposit and lending rates

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10
Q

Lockbox services

A

Collection service for corporate payments that is centralized to decrease the delays involved with the check clearing process.

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11
Q

Money Center Bank

A

The largest classification of banks in which non-deposit or borrowed fund sources are relied upon heavily

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12
Q

Net Charge Offs

A

Actual losses on leases and lones

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13
Q

Net Interest Margins

A

Interest income less interest expense divided by earnings.

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14
Q

Non Current loans

A

Loans that are at least 90 days overdue and loans that do not earn interest due to problems associated with the borrower.

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15
Q

NOW Accounts

A

Interest bearing checking accounts or negotiable order of withdrawal accounts

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16
Q

Off-Balance Sheet (OBS) Asset

A

An Item that is entered into the asset side of a balance sheet or income realized on an income statement once the event actually occurs.

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17
Q

Off-Balance Sheet (OBS) liability

A

An item that is entered into the liability side of a balance sheet or expense realized on an income statement once the event actually occurs.

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18
Q

Preauthorized Credits/Debits

A

Mortgage and utility bills that are directly paid from banks and direct deposit of payroll checks.

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19
Q

Revenue Economies of Scope

A

Extent to which a bank develops financial service products to create revenue synergies; result from mergers and acquisitions.

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20
Q

Transaction Accounts

A

The total of interest bearing checking accounts and demand deposits that do not bear interest.

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21
Q

What kinds of loans due commercial banks make?

A

Real estate, international, commercial and consumer loans (RICC acronym)

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22
Q

What is the main asset of a commercial bank?

A

Loans

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23
Q

What is the main liability of a commercial bank

A

Deposits

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24
Q

How do electronic innovations help banks?

A

They allow banks to have greater control of their operations and offer more services.

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25
Q

Multibank Holding Companies (MBHCs)

A

Parent Companies owning several subsidiary banks

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26
Q

Nonbank Bank

A

Subsidiary banks not allowed to accept demand deposits make commercial loans nor obtain deposit insurance coverage

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27
Q

One-Bank Holding Companies (OBHCs)

A

Parent companies owning a single subsidiary bank in addition to nonbank subsidiaries.

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28
Q

Prompt Corrective Action

A

A specific group of actions regulators must follow if a commercial bank’s capital to assets ratio falls below 5%.

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29
Q

Risk Adjusted Assets

A

The denominator in the risk based capital ratio; equal to risk adjusted on balance sheet and off balance sheet assets.

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30
Q

Section 20 securities affiliates

A

Subsidiaries of commercial bank holding companies that perform investment banking activities.

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31
Q

Universal financial institution

A

A financial institution allowed to perform a wide range of financial services.

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32
Q

What does some regulations seek to protect from?

A

Insolvency and commercial bank failure

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33
Q

What does some regulation seek to strengthen?

A

Lending to sectors important to society like small businesses, farming and housing

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34
Q

What does Regulation K allow?

A

Allows banks to operate branches in foreign countries.

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35
Q

Why are finance companies growing

A

Because they can give attractive interest rates for riskier loans

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36
Q

Why are finance companies subject to less regulation than commercial banks?

A

Because they don’t accept deposits.

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37
Q

What are savings associations in fierce competition for

A

Home mortgage market by mortgage brokers and commercial banks.

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38
Q

What is the recent trend in savings institutions?

A

Consolidation

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39
Q

Business Credit Institutions

A

Finance Companies specializing in corporate equipment leasing and factoring

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40
Q

Captive Finance Company

A

Finance company that is a wholly owned subsidiary of a parent company.

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41
Q

Corporate Credit Unions

A

Financial institutions cooperatively owned by member credit unions that serve members by lending and investing unloaned deposits of member credit unions; also provide services like data processing, accounting, payment services and securities

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42
Q

Credit Unions

A

Not for profit depository institutions, organized and owned by depositors, concentrating on consumer loans financed with member deposits

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43
Q

Disintermediation

A

Deposit withdrawals from depository institutions that are reinvested in other areas such as money market mutual fund accounts.

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44
Q

Factoring

A

Buying accounts receivable from corporations, sometimes at a discount, without recourse for receivables gone bad; buyer assumes responsibility for collecting the accounts receivable.

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45
Q

Finance Companies

A

Institutions designed to provide individual and business loans

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46
Q

Mutual organizations

A

Savings association where liability holders are the legal owners; stock is not issued

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47
Q

Personal credit institutions

A

Finance companies specializing in consumer installment loans and other consumer loans

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48
Q

Regulation Q Ceilings

A

Interest rate limits imposed by the Federal Reserve on small savings accounts and time deposits at thrifts and banks before 1986

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49
Q

Regulator Forbearance

A

A policy implemented by maintaining deposit insurance premium assessments and not closing insolvent, capital depleted financial institutions

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50
Q

Sales Finance Institutions

A

Finance Companies specializing in loans for customers of specific manufacturers or retailers

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51
Q

Savings Associations

A

Depository institutions concentrating on residential mortgages

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52
Q

Savings Banks

A

Depository institutions with a divers product offering primarily composed of residential mortgages in addition to corporate stocks, corporate bonds, and commercial loans.

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53
Q

Savings Institutions

A

A combination of savings associations and savings banks

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54
Q

Securitized mortgage assets

A

Mortgages packaged and used as assets to back securities in secondary markets.

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55
Q

Subprime Lender

A

Finance Companies that lend to high risk borrowers.

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56
Q

What are 3 reasons why a P & C company can become unprofitable

A

Loss rate increases;
Investment return decreases;
Increasing expenses

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57
Q

Who are P & C companies regulated by?

A

The States

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58
Q

Adverse Selection

A

The theory that the individuals who apply for life insurance are the same individuals with the greatest need for life insurance

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59
Q

Annuities

A

Annuity Contracts provide different ways to eliminate a buildup of funds over a long period.

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60
Q

Combined Ratio

A

A measure equal to the loss ratio plus the ratios of loss adjustment expenses to written premiums and commissions/operating expenses to written premiums

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61
Q

Endowment Life

A

A life insurance contract under which the insured’s beneficiaries receive the contract’s face value if the insured dies during a particular period; if the insured survives pas the period’s end date, the insured receives the contract’s face value

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62
Q

Frequency of Loss

A

The likelihood of a particular loss happening

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63
Q

Long Tail Losses

A

Insured Losses that happen during the covered period but are not reported until years later

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64
Q

Loss Ratio

A

The ratio of incurred losses to earned premiums

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65
Q

Operating Ratio

A

The measure of an insurer’s overall profitability equal to the difference of the combined ratio after dividend payments and the investment yield.

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66
Q

Policy Loans

A

Cash advances to an insured by using the value of the insured’s individual policy as collateral.

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67
Q

Policy Reserves

A

Funds laid aside by an insurer to cover anticipated future payouts for deaths, matured investment policies, and cash surrender value.

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68
Q

Separate account business

A

Life insurance company annuities whose values depend on returns from premium investments; separate account funds are kept separate from other insurer assets.

69
Q

Severity Of A Loss

A

The amount of damage a particular loss causes.

70
Q

Surrender Value of Policies

A

The amount in cash an insurer must pay to an insured if the insured decides to give up the policy before the maturity date.

71
Q

Term Life

A

A life insurance contract under which the insured’s beneficiaries receive a specified payment when the insured dies only if the insured dies during the specified coverage period.

72
Q

Unearned Premiums

A

Reserves equal to the premiums paid when the period of coverage begins, before the insurer actually provides coverage.

73
Q

Universal Life

A

A life insurance contract allowing the insured to alter the amount of premium paid and the maturity date.

74
Q

Variable Life

A

A life insurance contract whereby the insured’s premiums are invested in mutual funds usually selected by the insured.

75
Q

Variable Universal Life

A

Life Insurance contracts that combine the premium and maturity flexibility of universal life with the investment benefits of variable life.

76
Q

Whole Life

A

A life insurance contract whereby the insured is covered for a full lifetime instead of a limited time; as long as the insurer continues to receive premium payments, the insured’s beneficiaries receive the contract’s face value when the insured dies.

77
Q

Investment Banks work mainly in which market?

A

Primary

78
Q

Securities Firms work mainly in which market

A

Secondary Market

79
Q

How do Investment banks help firms and the government raise money?

A

By Underwriting issues of equity and debt securities

80
Q

What are the major activities of investment banks and securities firms?

A

Mergers and acquisitions; Investing; cash management; market making, investment banking; and trading

81
Q

Who does the SEC (Securities and Exchange Commission) regulate?

A

Securities and Investment Banking Industry

82
Q

Who are the 2 organizations that self regulate on a daily basis under the SEC Authority?

A

The New York Stock Exchange (NYSE) and the National Association of Securities Dealers (NASD)

83
Q

What is the capital to assets ratio that the SEC require banks and securities firms to keep as a minimum?

A

2%

84
Q

What is the major influence on trends in the securities and investment banking industry?

A

The Stock Market

85
Q

Best Efforts Underwriting

A

Securities issuance in where the underwriter does not guarantee the issuer a firm price and participates as a distribution or placing agent for a fee based on placement success.

86
Q

Broker/dealers

A

Investment banks that provide support in trading securities that already exist.

87
Q

Cash Management account (CMA)

A

Deposit accounts associated with mutual fund accounts that allow check writing privileges.

88
Q

Discount Brokers

A

Highly specialized firms that do not offer investment advice and perform only customer trades.

89
Q

Firm Commitment Underwriting

A

Securities issuance by an investment bank in which the investment bank guarantees the issuer a fixed price by purchasing the entire new issue and then reselling the securities to investors at a higher prices.

90
Q

Market Making

A

Generating a secondary market for an asset by an investment bank or securities firm.

91
Q

Position Trading

A

Purchasing large securities blocks in anticipation of a favorable change in price.

92
Q

Program Trading

A

Involves using computers to simultaneously purchase and sell a portfolio valued at more than $1 million and containing a minimum of 15 separate stocks

93
Q

Pure Arbitrage

A

Selling an asset on a market for a certain price immediately after buying the asset on a different market for a lower price.

94
Q

Risk Arbitrage

A

Purchasing securities on the expectation of a release of new information.

95
Q

Securities Services

A

The part of the securities and investment banking industry that facilitates the secondary market trading of securities.

96
Q

Underwriting

A

A method of providing support for issuing of new securities.

97
Q

What do small investors increasingly use for retirement and other savings?

A

Mutual Funds

98
Q

What are two examples of short term funds

A

Taxable and tax exempt money market mutual funds

99
Q

What are three types of long term funds?

A

Bond Funds, equity funds and hybrid funds that hold both equities and bonds.

100
Q

Why are mutual fund regulations established?

A

To create rules to ensure good information flows to investors, to prevent fraud, and to establish procedures for industry oversight.

101
Q

Where are the bulk of MMMF assets invested?

A

In domestic and foreign checkable deposits, repurchase agreements, and US Government securities.

102
Q

Where are the bulk of long-term fund assets invested?

A

In Corporate Stock and most of what is left is invested in municipal and US Govt bonds.

103
Q

12b-1 Fees

A

Fees covering the costs of distributing and marketing mutual fund shares

104
Q

Bond Funds

A

Funds made up of fixed income capital market debt securities with maturity dates of over one year

105
Q

Closed-end investment companies

A

Specialized companies offering a fixed amount of outstanding shares and investing in other firm’s securities and assets

106
Q

Equity Funds

A

Funds made up of common and preferred stock securities

107
Q

Hybrid funds

A

Funds made up of both stock and bond securities

108
Q

Loan Fund

A

A mutual fund for which the investor must pay an up-front onetime commission or sales fee.

109
Q

Money market mutual funds

A

Funds made up of a variety of money market securities with maturities of less than one year.

110
Q

Mutual Fund

A

A financial intermediary that pools investor’s financial resources in diversified asset portfolios

111
Q

Net Asset Value

A

The price investors pay to buy new shares in a mutual fund or sell shares back to the fund on a specific day.

112
Q

No Loan Fund

A

A mutual fund where the investor does not pay an up front commission or sales fee because shares are marketed directly to the investor by the fund instead of through sales agents.

113
Q

Open-end Mutual Fund

A

A type of mutual fund where the supply fluctuates daily according to the purchase and redemption of shares.

114
Q

Real Estate Investment Trust

A

A closed end investment company specializing in property, mortgages, or shares in real estate companies.

115
Q

How do defined benefit plans calculate a pension?

A

Based on factors like final (or average) salary and years of service.

116
Q

How are Defined contribution plans like savings accounts?

A

The Retiree gets whatever is in the account when he retires.

117
Q

What type of plans are the largest investors in the stock market?

A

Pension Plans

118
Q

What kind of investments are made by defined benefit plans (including governmental plans and social security?

A

Low Risk Securities

119
Q

What puts stress on pension plans and Social Security?

A

Increased Longevity

120
Q

401K and 403B plans

A

Private Pension funds sponsored by the employer that are meant to complement the central retirement plan

121
Q

Career Average Formulas

A

A method of calculating the amount of a defined pension fund in which the employee’s benefit amount depends on the employee’s average salary during the employee’s years of service.

122
Q

Defined Benefit Pension Plans

A

Pension funds in which employees receive a certain cash benefit upon retirement from the employer; a formula is usually used to calculate the amount of the cash benefit.

123
Q

Defined Contribution Retirement Plan

A

A retirement fund in which an employer contributes a particular amount to each employee’s account in the fund during employment years and employees receive retirement benefits equal to the amount contributed by the employee and the employer plus (or minus) the investment earnings on the amounts contributed.

124
Q

Employee Retirement Income Security Act (ERISA)

A

The main legislation regulating private pension funds; requires employers offering pension funds to meet specific standards to qualify for tax deferment and makes the Dept of Labor responsible for pension plan oversight.

126
Q

Final Pay Formula

A

A method of calculating the amount of a defined benefit pension fund where the employee receives a percentage of the employee’s average salary during a particular period toward the end of the employment multiplied by the number of years of service.

127
Q

Flat Benefit Formula

A

A method of calculating the amount of a defined benefit pension fund where employees receives an unchanging amount for each year of service

128
Q

Fully funded pension plan

A

A defined benefit plan where the employer has adequate funds to make all future defined benefit pension payments.

129
Q

Individual Retirement Accounts

A

Private pension funds individually set up and directed by self employed individuals and employees who may also contribute to employer established plans

130
Q

Insured Pension Fund

A

Pension funds managed by life insurance companies

131
Q

Keogh Accounts

A

Retirement accounts for individuals who are self employed that are managed by financial institutions

132
Q

Noninsured Pension Plan

A

Pension funds administered by any financial institution other than an insurance company.

133
Q

Overfunded Pension Plan`

A

A defined benefit plan where the employer has more than adequate funds to make all future defined benefit pension payments.

134
Q

Pay-As-You-Go basis funding

A

a way to fund pension funds where current contributions are used to pay pensions to currently retired individuals

135
Q

Pension Plan

A

The structure designed to control pension fund operations

136
Q

Private Pension Funds

A

Pension Funds managed by private companies and business

137
Q

Prudent person rule

A

Pension fund fiduciaries must exercise the same attention and care in making pension fund investments as a prudent person could be expected to exhibit in a similar situation

138
Q

Public pension funds

A

Pension funds managed by governmental entities, whether local, state, or federal; Social Security is a public pension funds.

139
Q

Roth IRA

A

An IRA that provides no deductions for contributions but allows funds to be pulled out tax free

140
Q

Underfunded pension plan

A

A defined benefit plan where the employer does not have enough funds to make all future defined benefit pension payments

141
Q

Vesting

A

An element of pension fund eligibility that provides employees with no forfeitable right to receive their benefits after working a particular number of years.

142
Q

Firm Specific Credit Risks

A

Default risk resulting from the specific project risks undertaken by the borrowing firm.

143
Q

Letters of Credit

A

Financial Institution guarantees made for a fee that payment of securities will be made if borrowers default.

144
Q

Present Value Uncertainty

A

Uncertainty resulting from interest rate changes affecting discount rates and market values of assets or liabilities

145
Q

Refinancing Risk

A

Risk that the cost to refinance an investment will be more than the profit earned on the investment.

146
Q

Reinvestment Risk

A

Risk that the borrowed funds will be reinvested at rates lower than the original cost.

147
Q

Systematic Credit Risk

A

Default risks affecting all borrowers resulting from economywide conditions.

148
Q

Where does liquidity risk come from?

A

The right of depositors to pull funds at any time.

149
Q

Depository Institutions have a higher level of risk exposure than who?

A

Mutual Funds and Pension funds

150
Q

What is a preferred method of liquidity

A

Through purchased liquidity (borrowing money at interest).

151
Q

Why don’t mutual fund investors have the same incentive to withdraw funds in a panic as do bank depositors

A

Because investors in a mutual fund share losses equally

152
Q

Why would Life insurance companies have withdrawal (surrender) runs just like banks?

A

If policyholders think the company won’t be able to pay claims.

153
Q

Why do P & C insurers have higher liquidity needs than life insurance companies?

A

Because P & C claims are more difficult to predict.

154
Q

At what level are insurance guarantees provided?

A

At the state level, not federal.

155
Q

Asset side liquidity risk

A

Request for loans from loan commitment holders result in asset increases but require financial institutions to raise funds to be able to provide loans

156
Q

Bank panics

A

Bank runs not limited to any particular financial institutions but occurring industrywide.

157
Q

Bank Runs

A

Abrupt, unanticipated increases in depositor withdrawls

158
Q

Core Deposits

A

Demand deposits usually left in a demand depository account for a long period and therefore serving as steady funding for depository instututions

159
Q

Financing Gap

A

The difference between a financial institution’s average loans and core deposits

160
Q

Financing requirement

A

The amount needed to close the financing gap; equal to a financial institution’s liquid assets plus the financing gap.

161
Q

Fire-Sale Price

A

The low price a financial institution must accept in exchange for an asset because the financial institution needs the money immediately.

162
Q

Liability Side Liquidity Risk

A

Depository Institutions usually have many short term liabilities and therefore a constant need to maintain sufficient funds or enough asset liquidity to cover liabilities.

163
Q

Liquidity Index

A

A method of measuring the amount a financial institution could lose if forced to sell assets at fire-sale prices rather than under usual conditions.

164
Q

Liquidity planning

A

Measuring and examining liquidity risk to help financial institution managers make funding decisions in advance of any liquidity problems.

165
Q

Maturity Laddering

A

Method for determining net financing requirements and overall liquidity risk by comparing daily cash inflows and outflows for a specific period.

166
Q

Net Deposit Drain (Net Cash Outflows)

A

The amount by which new deposits are insufficient to cover withdrawals.

167
Q

Net Liquidity Statement

A

A tool for comparing liquidity sources and uses that helps financial institution managers measure a financial institutions net liquidity.

168
Q

Peer Group Ratio Comparisons

A

Measuring on bank’s balance sheet contents and ratios against the same info for banks of comparable size in the same geographical area.

169
Q

Purchased Liquidity

A

Liquidity achieved by buying or issuing financial market securities; purchased liquidity is the method of managing liquidity that is preferred today.

170
Q

Stored Liquidity

A

Liquidity achieved by using or selling assets; stored liquidity is the traditional method of managing liquidity.

171
Q

Surrender Value

A

The amount an insured will receive by canceling an insurance policy before the policy’s expiration or maturity date.

CPCU 560 (1 decks)

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