View source for Odo.FinReg - (2025-Spring)

'''Reading''': Financial Reporting Through the Lens of a Property/Casualty Actuary, Casualty Actuarial Society, 2020, Edition 5, Chapters 1-5, 25, 27.

'''Authour''': Odomirok, K.C., et al.

[https://www.battleactsmain.ca/vanillaforum/categories/odo-finreg<span style="font-size: 12px; background-color: lightgrey; border: solid; border-width: 1px; border-radius: 10px; padding: 2px 10px 2px 10px; margin: 0px;">'''Forum'''</span>]

{| class='wikitable' style='background-color: navajowhite;
|-
|| '''BA Quick-Summary''': <span style="color: green;>'''Financial Reporting'''</span>

* Chapter 1-5 (Foundations of Financial Reporting), covers the purpose and structure of financial reporting, including key financial statements (balance sheet, income statement), the importance of solvency assessment, and the foundational accounting principles (SAP, GAAP, IFRS) that guide financial disclosures.

* Chapter 25 (Solvency II), focuses on Solvency II, <u>a principles-based capital framework used in the EU</u> emphasizing market-consistent valuation, transparency, and proactive risk management through tools like Own Risk and Solvency Assessment (ORSA), aimed at ensuring long-term financial stability.

* Chapter 27 (Canadian Financial Reporting) highlights the unique aspects of '''Canadian insurance financial reporting, including Minimum Capital Test (MCT)''', use of fair value accounting, and alignment with international standards like IFRS, while accounting for local regulatory requirements.
|}

==Study Tips==

Don't panic. The Odomirok text is 475 pages but the syllabus only covers about 50 pages in the chapters listed below. It's mainly a U.S. based accounting text but many of the basic concpets are common to the U.S. and Canada. There is as well as some specifically Canadian content.

* '''chapters 1-5''': basic accounting material ''(very easy)''
* '''chapter 25''': Solvency 2 ''(also covered in [[IFA.Solvency2]] but not in very much detail)''
* '''chapter 27''': Canadian content

Just to be clear, you can cover chapters 1-5 in about 30 minutes.

{| class="wikitable" style="background-color: navajowhite;"
|-
||<span style="color: green;">'''Syllabus Update (Mar 3, 2022):'''</span> The CAS has updated the Exam 6-Canada syllabus to now include Chapter 25 of the Odomirok text ''(listed as <u>CAS Financial Reporting</u> in the official syllabus)'' as part of the '''Solvency 2''' material.

* There is a fairly easy calculation problem that you should learn how to do and there is a web-based problem for practice.
* There are no old exam problems for this calculation from Exam 6-Canada but there is one from Exam 6-US and it provided further down in this wiki article.
|}

{| class="wikitable"
|-
|| '''Due to the update described in the box above, <span style="color: red;">please ignore the following:</span> '''

Chapter 25 on Solvency 2 could potentially be a difficult chapter but I don't think you need to spend much time here. The topic of Solvency 2 is listed under '''Learning Objective C.2''' in the Exam 6C syllabus but the Odomirok text ''(referred to as CAS Financial Reporting)'' is <u>not</u> listed as one of the references for that topic. I'm not sure if that's an oversight, but a strict interpretation of the syllabus means that questions on Solvency 2 should come only from ''[[IFA.Solvency2]]'', referred to as '''IFOA''' on the official syllabus. There has also never been a calculation question on Solvency 2.

: &rarr; If such a question appears on the exam, my recommendation is to immediately notify the CAS of a <span style="color: red;">possibly defective question.</span>
|}

Chapter 27 is short, but chapter 28 contains a very difficult calculation problem on commutations. This is where you'll spend the majority of your time in the Odomirok text.

==BattleTable==

Based on past exams, the '''main things''' you need to know ''(in rough order of importance)'' are:
* how to calculate the value of the commuted claims in a <span style='color: green;'>'''commutation'''</span> ''(hard!!)''
* definitions of <span style="color: blue;">'''basic accounting terms'''</span>
* basic facts about the 2 main types of accounting principles <u>SAP</u> ''(Statutory Accounting Principles)'' and <u>GAAP</u> ''(Generally Accepted Accounting Principles)''

[https://battleactsmain.ca/FC.php?selectString=**&filter=both&sortOrder=natural&colorFlag=allFlag&colorStatus=allStatus&priority=&prefix=Odo&suffix=FinReg&section=all&subSection=all&subsetFlag=TopQReading&examRep=all&examYear=all&examTerm=all&quizNum=0&select07=0&select08=0&select09=0<span style="font-size: 20px; background-color: gold; border: solid; border-width: 1px; border-radius: 10px; padding: 2px 10px 2px 10px; margin: 10px;">'''Top Questions]'''</span> <span style="color: red;">''&larr; Questions you <u>absolutely</u> need to know!'' </span>

: {| class='wikitable' style='width: 1000px;'
|-
! style='width: 175px;' | reference !! style='width: 175px;' | part (a) !! style='width: 175px;' | part (b) !! style='width: 175px;' | part (c) !! part (d)

|-
|| [https://www.battleactsmain.ca/pdf/Exam_(2019_1-Spring)/(2019_1-Spring)_(17)_v2.pdf <span style='font-size: 12px; background-color: yellow; border: solid; border-width: 1px; border-radius: 5px; padding: 2px 5px 2px 5px; margin: 5px;'>E</span>] <span style="color: red;">'''(2019.Spring #17)'''</span>
|| <span style='color: green;'>'''commutation:'''</span> <br> - compute value
| style="background-color: lightgrey" |
| style="background-color: lightgrey" |
| style="background-color: lightgrey;" | 

|-
|| [https://www.battleactsmain.ca/pdf/Exam_(2018_1-Spring)/(2018_1-Spring)_(23).pdf <span style='font-size: 12px; background-color: yellow; border: solid; border-width: 1px; border-radius: 5px; padding: 2px 5px 2px 5px; margin: 5px;'>E</span>] <span style='color: red;'>'''(2018.Spring #23)'''</span>
|| <span style="color: blue;">'''basic accounting terms'''</span> <br> - liquidation & going-concern
|| <span style="color: blue;">'''basic accounting terms'''</span> <br> - accounting principles & accounting rules
| style="background-color: lightgrey" |
| style="background-color: lightgrey" |

|-
|| [https://www.battleactsmain.ca/pdf/Exam_(2017_2-Fall)/(2017_2-Fall)_(14).pdf <span style='font-size: 12px; background-color: yellow; border: solid; border-width: 1px; border-radius: 5px; padding: 2px 5px 2px 5px; margin: 5px;'>E</span>] <span style='color: red;'>'''(2017.Fall #14)'''</span>
|| see [[CIA.MfAD]], [[CCIR.ARinstr]]
|| <span style="color: blue;">'''basic accounting terms'''</span> <br> - fair value & historical cost
| style="background-color: lightgrey" |
| style="background-color: lightgrey" |

|-
|| [https://www.battleactsmain.ca/pdf/Exam_(2017_2-Fall)/(2017_2-Fall)_(19).pdf <span style='font-size: 12px; background-color: yellow; border: solid; border-width: 1px; border-radius: 5px; padding: 2px 5px 2px 5px; margin: 5px;'>E</span>] <span style='color: red;'>'''(2017.Fall #19)'''</span>
|| <span style='color: green;'>'''commutation:'''</span> <br> - compute value
| style="background-color: lightgrey" |
| style="background-color: lightgrey" |
| style="background-color: lightgrey" |

|-
|| [https://www.battleactsmain.ca/pdf/Exam_(2015_2-Fall)/(2015_2-Fall)_(11).pdf <span style='font-size: 12px; background-color: yellow; border: solid; border-width: 1px; border-radius: 5px; padding: 2px 5px 2px 5px; margin: 5px;'>E</span>] <span style='color: red;'>'''(2015.Fall #11)'''</span>
|| <span style='color: green;'>'''commutation:'''</span> <br> - compute value
| style="background-color: lightgrey" |
| style="background-color: lightgrey" |
| style="background-color: lightgrey" |

|-
|| [https://www.battleactsmain.ca/pdf/Exam_(2015_1-Spring)/(2015_1-Spring)_(31).pdf <span style='font-size: 12px; background-color: yellow; border: solid; border-width: 1px; border-radius: 5px; padding: 2px 5px 2px 5px; margin: 5px;'>E</span>] <span style='color: red;'>'''(2015.Spring #31)'''</span>
|| <span style="color: blue;">'''basic accounting terms'''</span> <br> - liquidation & going-concern
|| <span style="color: blue;">'''basic accounting terms'''</span> <br> - fair value & historical cost <br> &nbsp; 
|| <span style="color: blue;">'''basic accounting terms'''</span> <br> - accounting principles & accounting rules
| style="background-color: lightgrey" |

|-
|| [https://www.battleactsmain.ca/pdf/Exam_(2014_1-Spring)/(2014_1-Spring)_(23).pdf <span style='font-size: 12px; background-color: yellow; border: solid; border-width: 1px; border-radius: 5px; padding: 2px 5px 2px 5px; margin: 5px;'>E</span>] <span style='color: red;'>'''(2014.Spring #23)'''</span>
|| '''SAP v GAAP''': <br> - objective
|| '''SAP v GAAP''': <br> - intended user
|| '''SAP v GAAP''': <br> - asset recognition
|| '''SAP v GAAP''': <br> - deferred taxes

|-
|| [https://www.battleactsmain.ca/pdf/Exam_(2013_2-Fall)/(2013_2-Fall)_(18).pdf <span style='font-size: 12px; background-color: yellow; border: solid; border-width: 1px; border-radius: 5px; padding: 2px 5px 2px 5px; margin: 5px;'>E</span>] <span style='color: red;'>'''(2013.Fall #18)'''</span>
|| <span style='color: green;'>'''commutation:'''</span> <br> - compute value
| style="background-color: lightgrey" |
| style="background-color: lightgrey" |
| style="background-color: lightgrey" |

|}

==In Plain English!==

===SAP, GAAP, CGAAP===

The introductory chapters of this reading cover '''SAP''' (Statutory Accounting Principles), '''GAAP''' (Generally Accepted Accounting Principles), '''CGAAP''' (Canadian Generally Accepted Accounting Principles). These straightforward concepts are covered in the BattleQuiz.

[https://battleactsmain.ca/FC.php?selectString=**&filter=both&sortOrder=natural&colorFlag=allFlag&colorStatus=allStatus&priority=importance-high&subsetFlag=miniQuiz&prefix=Odo&suffix=FinReg&section=all&subSection=all&examRep=all&examYear=all&examTerm=all&quizNum=1<span style="font-size: 20px; background-color: aqua; border: solid; border-width: 1px; border-radius: 10px; padding: 2px 10px 2px 10px; margin: 10px;">'''mini BattleQuiz 1]'''</span> <span style="color: red;">'''You must be <u>logged in</u> or this will not work.''' </span>

===Basic Accounting Principles/Terms===

This reading covers extremely basic accounting concepts. If you've had a university course in accounting, you already know much of the material.
'''Let's get Canadian for a moment!''' The [https://www.marsdd.com/about/ MaRS] website lists the 4 main elements of a financial statement as:

* B/S or Balance Sheet
* I/S or Income Statement
* Statement of Retained Earnings
* CF Statement (CF = Cash Flow)

If you want to know more, check out that page of their website at: [https://www.marsdd.com/mars-library/financial-statements-the-four-components/ MaRS Financial Statements]. ''(Don't know what [https://www.marsdd.com/about/ MaRS] is? It's an '''entrepreneurial incubator''' located near Queen's Park in downtown Toronto!)''

Check the BattleQuiz for terms that have been asked on a prior exam.

[https://battleactsmain.ca/FC.php?selectString=**&filter=both&sortOrder=natural&colorFlag=allFlag&colorStatus=allStatus&priority=importance-high&subsetFlag=miniQuiz&prefix=Odo&suffix=FinReg&section=all&subSection=all&examRep=all&examYear=all&examTerm=all&quizNum=2<span style="font-size: 20px; background-color: aqua; border: solid; border-width: 1px; border-radius: 10px; padding: 2px 10px 2px 10px; margin: 10px;">'''mini BattleQuiz 2]'''</span> <span style="color: red;">'''You must be <u>logged in</u> or this will not work.''' </span>

===Solvency 2===

This chapter (Ch. 25) of the Odomirok textbook is new to the Exam 6-Canada syllabus as of Fall 2017. But Solvency 2 itself '''is not new''' to the syllabus. There had been a whole reading devoted to Solvency 2, so it feels like this topic has been downgraded. For this new version of the Solvency 2 reading, there are '''2 items you must know:'''

:{| class="wikitable"
|-
| '''item 1''': what is Solvency 2
|}

:: Solvency 2 is a <u>principles-based</u> insurance regulatory system for <u>capital levels</u> of insurance companies in the <u>European Union</u>.

:{| class="wikitable
|-
| '''item 2''': what are the <u>3 pillars</u> of Solvency 2 [Hint: <span style="color: red;">'''QGT'''</span>]
|}

:# <span style="color: red;">'''Q</span>uantitative''': sets SCR & MCR ''(Solvency Capital Requirement & Minimum Capital Requirement)''
:#: - uses a total balance sheet approach
:#: - SCR corresponds to 99.5% VaR (Value at Risk) meaning that the <u>probability of ruin</u> is < 0.5%
:# <span style="color: red;">'''G</span>overnance''': supervisory activities ''(internal control & risk management, supervisory review process)''
:#: - requires adequate governance for: &diams; internal audit &diams; actuarial &diams; risk management &diams; compliance
:#: - supervisor identifies high-risk companies and may intervene
:#: - note that companies are required to perform <u>ORSA</u> ''(Own Risk & Solvency Assessment)'' under pillar #2 ''(see [[OSFI.ORSA]])''
:# <span style="color: red;">'''T</span>ransparency''': supervisory reporting & public disclosure
:#: - information from pillars 1 & 2 are given to the <u>supervisor</u> & <u>financial markets</u>
:#: - purpose is to <u>increase market discipline</u> because companies know their decisions are public

Alice the Actuary told me that the '''3 pillars''' was asked multiple times on past versions of the exam. ''(You should believe her - she's pretty smart!)''

====Context for Solvency 2====

Note the connection between Solvency 2 and [[OSFI.MCT]]. Both are implementations of a capital adequacy framework:
* [[OSFI.MCT]] is for <u>Canada</u>.
* Solvency 2 is for the <u>European Union</u>.

One interesting '''difference''' between MCT and Solvency 2 is that MCT applies <u>static risk factors</u> whereas Solvency 2 is <u>principles-based</u>. That means that Solvency 2 may be more adaptable to circumstances, but also harder to apply.

====ENID====

ENID stands for <u>Events not in Data</u>. It is discussed in [[IFA.Solvency2]]. The idea is that when setting reserves, it might be prudent to take into account possible events that have not appeared in your historical data. An example might be a pending change in legislation that would retroactively impact claim costs. Anyway, I just wanted to highlight the connection to [[Odo.FinReg]]. A good exam question would be to combine concepts from both papers. This will be discussed more fully when you get to [[IFA.Solvency2]].

====Comparison to the U.S. Solvency Regime====

This is an entirely new section in the source text. Solvency 2 is intended as group-wide solvency regime but this conflicts with the state-based regime in the U.S. Pressure stemming from the 2008 financial crisis however has led the U.S. to modify its state-based approach under something called SMI or ''Solvency Modernization Initiative''. SMI used something called a "Windows & Walls" approach.

:{| class='wikitable'
|-
|| '''Question''': briefly describe the "<u>Windows & Walls</u>" approach of the Solvency Modernization Initiative as it applies to Solvency 2
|}

:* gives '''windows''' for state insurance regulators to look into group-wide operations:
:: &rarr; enhanced communication between state & group regulators
:: &rarr; enforcement tools if violations occur
:* but maintains the '''walls''' at the statutory legal entity level
:: &rarr; capital cannot be "shared" between legal entities

====Regulator Action Under Solvency II====

There is a colorful diagram on the first page of chapter 25 in Odomirok. It's an elegant representation of the quantitative pillar. Here's the link:

: [https://www.battleactsmain.ca/pdf/OdomirokCh25_010_Solv2_diagram_(p325).pdf <span style="color: white; font-size: 12px; background-color: green; border: solid; border-width: 2px; border-radius: 10px; border-color: green; padding: 1px 3px 1px 3px; margin: 0px;">'''''Solvency II Quantitative Pillar Diagram'''''</span>]

The gold rectangle on the <u>left side</u> of the diagram represents '''IFRS assets available'''. The <u>right side</u> of the diagram shows <u>4</u> separate colored rectangles stacked, representing '''IFRS assets required''' and a 5th rectangle at the top representing '''Free Surplus ''(if any)'''''. Note that '''SCR''' is Solvency Capital Requirement and  '''MCR''' is Minimum Capital Requirement:

:{| class='wikitable'
|-
! quantity !! example
|- style='border: 2px solid;'
| style='background-color: lightgreen; height:  25px;'               | '''Free Surplus ''(if any)''''' || style='text-align: center; | ?
|- 
| style='background-color: blue;       height:  30px; color: white;' | '''SCR - MCR'''                 || style='text-align: center; | 50
|- 
| style='background-color: aqua;       height:  20px;'               | '''MCR'''                       || style='text-align: center; | 250
|- 
| style='background-color: purple;     height:  10px; color: white;' | '''risk margin'''               || style='text-align: center; | 53.07
|- 
| style='background-color: red;        height: 100px; color: white;' | '''Best Est. of Liabilities'''  || style='text-align: center; | 150
|}

It's odd that the blue rectangle was not labeled in Odomirok, but you can deduce that it must equal ''SCR - MCR'' because Odomirok <u>does</u> tell us that:

* SCR &nbsp;&nbsp; = &nbsp;&nbsp; aqua + blue
* MCR &nbsp;&nbsp; = &nbsp;&nbsp; aqua

Therefore

* SCR - MCR &nbsp;&nbsp; = &nbsp;&nbsp; blue

Odomirok also tells us that:

* '''total technical provisions''' &nbsp;&nbsp; = &nbsp;&nbsp; (Best Est. of Liabilities) + margin &nbsp;&nbsp; = &nbsp;&nbsp; red + purple

Now, here's a very simple question:

:{| class='wikitable'
|-
| '''Question''': if ''IFRS assets available'' = 850, what action would the regulator take under Solvency II quantitative capital requirements
|}

:* To answer this you need to know:

::: &rarr; &nbsp;&nbsp; '''SCR''' assets required &nbsp;&nbsp; = &nbsp;&nbsp; (Best Est. of Liabilities) + margin + SCR &nbsp;&nbsp; = &nbsp;&nbsp; 150 + 53.07 + 300 &nbsp;&nbsp; = &nbsp;&nbsp; <u>503.07</u>
::: &rarr; &nbsp;&nbsp; '''MCR''' assets required &nbsp;&nbsp;= &nbsp;&nbsp; (Best Est. of Liabilities) + margin + MCR &nbsp;&nbsp; = &nbsp;&nbsp; 150 + 53.07 + 250 &nbsp;&nbsp; = &nbsp;&nbsp; <u>453.07</u>

:* Also:
::: '''SCR''' assets required &nbsp;&nbsp; &le; &nbsp;&nbsp; '''IFRS''' assets available &nbsp;&nbsp; &rarr; <span style="color: green;">'''no action'''</span>
::: '''MCR''' assets required &nbsp;&nbsp; &le; &nbsp;&nbsp; '''IFRS''' assets available &nbsp;&nbsp; &lt; &nbsp;&nbsp; '''SCR''' assets required &nbsp;&nbsp; &rarr; <span style="color: red;">'''regulator will intervene'''</span>
::: '''IFRS''' assets available &nbsp;&nbsp; &lt; &nbsp;&nbsp; '''MCR''' assets required &nbsp;&nbsp; &rarr; <span style="color: red;">'''company is no longer permitted to operate'''</span>

:* It's easy to see we are in the first case:
::: '''SCR''' assets required &nbsp;&nbsp; = &nbsp;&nbsp; 503.07 &nbsp;&nbsp; &le; &nbsp;&nbsp; 850 &nbsp;&nbsp; = &nbsp;&nbsp; '''IFRS''' assets available &nbsp;&nbsp; &rarr; <span style="color: green;">'''no action'''</span>

:* And it's trivial to calculate that '''Free Surplus''' = 850 - 503.07 = <u>346.93</u>

=====2017.Spring #20 (from Exam 6-US)=====

The numbers from the example in the previous section are from the following exam problem:

: [https://www.battleacts6us.ca/pdf/Exam_(2017_1-Spring)/(2017_1-Spring)_(20).pdf <span style='font-size: 12px; background-color: yellow; border: solid; border-width: 1px; border-radius: 5px; padding: 2px 5px 2px 5px; margin: 5px;'>E</span>] <span style="color: red;">'''(2017.Spring #20)'''</span>

This problem is easy '''except''' in the Exam 6-US version of the problem you aren't given the ''risk margin'' - you have to calculate it and it relies on material that is not covered in the Canadian exam. 

* Here's a pdf with my solution but for Exam 6-Canada, but you can ignore the part of the solution that calculates the risk margin. Just assume you're given the risk margin and this makes the problem much easier.

: [https://www.battleactsmain.ca/pdf/Odomirok.Ch25_(17S.20)_v02.pdf <span style="color: white; font-size: 12px; background-color: green; border: solid; border-width: 2px; border-radius: 10px; border-color: green; padding: 1px 3px 1px 3px; margin: 0px;">'''''Solution to 2017.Spring #20'''''</span>]

[https://battleactsmain.ca/FC.php?selectString=**&filter=both&sortOrder=natural&colorFlag=allFlag&colorStatus=allStatus&priority=importance-high&subsetFlag=miniQuiz&prefix=Odo&suffix=FinReg&section=all&subSection=all&examRep=all&examYear=all&examTerm=all&quizNum=3<span style="font-size: 20px; background-color: aqua; border: solid; border-width: 1px; border-radius: 10px; padding: 2px 10px 2px 10px; margin: 10px;">'''mini BattleQuiz 3]'''</span> <span style="color: red;">'''You must be <u>logged in</u> or this will not work.''' </span>

===Chapters 27===

* Chapter 27 covers Financial Reporting in Canada
* These chapters cover roughly 20 pages. Much of it is either very general or covered in other syllabus readings.

====Commutation====

There are three old exam problems, <span style="color: red;">'''(2017.Fall #19), (2015.Fall #11), (2013.Fall #18a)'''</span>, that were quite difficult, where you had to calculate the value of commuted claims.

[https://www.battleactsmain.ca/pdf/Exam_2017.Fall_19.pdf <span style="font-size: 20px; background-color: lightgreen; border: solid; border-width: 1px; border-radius: 10px; padding: 2px 10px 2px 10px; margin: 10px;">'''Solution to 2017.Fall #19'''</span>]

[https://www.battleactsmain.ca/pdf/Exam_2015.Fall_11.pdf <span style="font-size: 20px; background-color: lightgreen; border: solid; border-width: 1px; border-radius: 10px; padding: 2px 10px 2px 10px; margin: 10px;">'''Solution to 2015.Fall #11'''</span>]

[https://www.battleactsmain.ca/pdf/Exam_2013.Fall_18a.pdf <span style="font-size: 20px; background-color: lightgreen; border: solid; border-width: 1px; border-radius: 10px; padding: 2px 10px 2px 10px; margin: 10px;">'''Solution to 2013.Fall #18a'''</span>]

[https://www.battleactsmain.ca/pdf/commutation_random_problems.pdf <span style="font-size: 20px; background-color: lightblue; border: solid; border-width: 1px; border-radius: 10px; padding: 2px 10px 2px 10px; margin: 10px;">'''4 Commutation Practice Problems'''</span>]

[https://battleactsmain.ca/FC.php?selectString=**&filter=both&sortOrder=natural&colorFlag=allFlag&colorStatus=allStatus&priority=importance-high&subsetFlag=miniQuiz&prefix=Odo&suffix=FinReg&section=all&subSection=all&examRep=all&examYear=all&examTerm=all&quizNum=4<span style="font-size: 20px; background-color: aqua; border: solid; border-width: 1px; border-radius: 10px; padding: 2px 10px 2px 10px; margin: 10px;">'''mini BattleQuiz 4]'''</span> <span style="color: red;">'''You must be <u>logged in</u> or this will not work.'''</span>

==BattleCodes==

'''Memorize''':
* purpose and main concept for the 3 accounting systems: SAP, GAAP, CGAAP
* side by side comparison of SAP & GAAP ''(see BattleCards)''
* basic terms: (liquidation <u>versus</u> going-concern), (fair value <u>versus</u> historical cost), (principle-based <u>versus</u> rule-based accounting systems)
* '''Solvency 2:''' defn, 3 pillars, 3 conditions, 4 functions
* definition of <u>commutation</u>

'''Conceptual''':
* Note how both OSFI.MCT and Solvency 2 are specific implementations of the general framework discussed in ICP17.CapAdeq

'''Calculational''':
* value of commuted claims

[https://battleactsmain.ca/FC.php?selectString=**&filter=both&sortOrder=natural&colorFlag=allFlag&colorStatus=allStatus&priority=importance-high&subsetFlag=miniQuiz&prefix=Odo&suffix=FinReg&section=all&subSection=all&examRep=all&examYear=all&examTerm=all&quizNum=all<span style="font-size: 20px; background-color: lightgreen; border: solid; border-width: 1px; border-radius: 10px; padding: 2px 10px 2px 10px; margin: 10px;">'''Full BattleQuiz]'''</span> <span style="color: red;">'''You must be <u>logged in</u> or this will not work.''' </span>

&nbsp;&nbsp;[https://www.battleactsmain.ca/vanillaforum/categories/odo-finreg<span style="font-size: 12px; background-color: lightgrey; border: solid; border-width: 1px; border-radius: 10px; padding: 2px 10px 2px 10px; margin: 0px;">'''Forum'''</span>]

==POP QUIZ ANSWERS==