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Question 1 of 30
1. Question
Which of the following circumstances does the insurance intermediary is also required to help the applicant?
I. To list those riders/supplementary benefits that are granted under the existing life insurance policy(ies) but not under the new life insurance policy.
II. To fill in the respective guaranteed cash values of the existing life insurance policy(ies) and the new life insurance policy on the policy anniversary dates immediately.
III. To list the reasons why the new life insurance policy is more suitable for the applicant unless the applicant declares on the CPD Form that that is not his concern.
IV. To answer the question of whether the insurance intermediary has advised the applicant of any alternatives to replacing the existing life insurance policy.Correct
The insurance intermediary is also required to help the applicant:
• To list those riders/supplementary benefits that are granted under the existing life insurance policy(ies) but not under the new life insurance policy.
• To list the reasons why the new life insurance policy is more suitable for the applicant unless the applicant declares on the CPD Form that that is not his concern.
• To answer the question of whether the insurance intermediary has advised the applicant of any alternatives to replacing the existing life insurance policy.Incorrect
The insurance intermediary is also required to help the applicant:
• To list those riders/supplementary benefits that are granted under the existing life insurance policy(ies) but not under the new life insurance policy.
• To list the reasons why the new life insurance policy is more suitable for the applicant unless the applicant declares on the CPD Form that that is not his concern.
• To answer the question of whether the insurance intermediary has advised the applicant of any alternatives to replacing the existing life insurance policy. -
Question 2 of 30
2. Question
Which of the following is required to be issued in accordance with the guidelines set out in the SFC’s “Code on Investment-Linked Assurance Schemes”?
Correct
Illustration Document
An ‘Illustration Document’ is required to be issued in accordance with the guidelines set out in the SFC’s “Code on Investment-Linked Assurance Schemes”. The insurance company has to prepare an illustration document in conjunction with each proposed investment by each prospective scheme participant and provide the document to the latter for his review and signature prior to the signing of the application form.Incorrect
Illustration Document
An ‘Illustration Document’ is required to be issued in accordance with the guidelines set out in the SFC’s “Code on Investment-Linked Assurance Schemes”. The insurance company has to prepare an illustration document in conjunction with each proposed investment by each prospective scheme participant and provide the document to the latter for his review and signature prior to the signing of the application form. -
Question 3 of 30
3. Question
Which of the following are included in the references to insurance intermediaries in relation to the CPD Form?
I. Policyholder
II. Insurance agents
III. Insurance brokers
IV. Their responsible officer/chief executive(s)Correct
The references to insurance intermediaries in relation to the CPD Form shall include insurance agents, insurance brokers, their responsible officer/chief executive(s), and technical representatives, as appropriate. It allows an individual to access opportunities of scale available only to large institutional investors.
Incorrect
The references to insurance intermediaries in relation to the CPD Form shall include insurance agents, insurance brokers, their responsible officer/chief executive(s), and technical representatives, as appropriate. It allows an individual to access opportunities of scale available only to large institutional investors.
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Question 4 of 30
4. Question
Which of the following will be responsible for paying any claims, subject to the terms and conditions of the New Policy, that may have occurred on a date when the existing policy had been surrendered or lapsed in the course of the policy replacement?
Correct
Selling office
Where the client opts for reinstatement of the Existing Policy, it is the selling office, rather than the non-selling office, who will be responsible for paying any claims, subject to the terms and conditions of the New Policy, that may have occurred on a date when the existing policy had been surrendered or lapsed in the course of the policy replacement.Incorrect
Selling office
Where the client opts for reinstatement of the Existing Policy, it is the selling office, rather than the non-selling office, who will be responsible for paying any claims, subject to the terms and conditions of the New Policy, that may have occurred on a date when the existing policy had been surrendered or lapsed in the course of the policy replacement. -
Question 5 of 30
5. Question
In identifying twisting, it may be initiated from a number of sources. Which of the following is included in this?
I. Client initiated
II. Insurance agent initiated
III. Selling office initiated
IV. Non-selling office initiatedCorrect
In identifying twisting, this may be initiated from a number of sources:
• Client initiated, if a client complains about suspected twisting
• Selling office initiated, if the selling office, in the course of reviewing its internal controls and the CPD FormsIncorrect
In identifying twisting, this may be initiated from a number of sources:
• Client initiated, if a client complains about suspected twisting
• Selling office initiated, if the selling office, in the course of reviewing its internal controls and the CPD Forms -
Question 6 of 30
6. Question
Which of the following initiative if an office has evidence that its existing or ex-policyholders have suffered because of twisting by an insurance agent(s) of other office(s)/insurance broker(s) it has to investigate and take action?
Correct
Non-selling office initiated: If an office has evidence that its existing or ex-policyholders have suffered because of twisting by an insurance agent(s) of other office(s)/insurance broker(s), it has to investigate and take action.
Incorrect
Non-selling office initiated: If an office has evidence that its existing or ex-policyholders have suffered because of twisting by an insurance agent(s) of other office(s)/insurance broker(s), it has to investigate and take action.
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Question 7 of 30
7. Question
What is the subsequent action once twisting is identified as likely to have occurred?
Correct
Once twisting is identified as likely to have occurred, the offices concerned should attempt to reach an agreement. This imposes an obligation on the offices to keep the client’s interest foremost. The client has to be kept informed of any material facts or arrangements which may affect his interest.
Incorrect
Once twisting is identified as likely to have occurred, the offices concerned should attempt to reach an agreement. This imposes an obligation on the offices to keep the client’s interest foremost. The client has to be kept informed of any material facts or arrangements which may affect his interest.
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Question 8 of 30
8. Question
If it is agreed that twisting has occurred, which of the following actions should the selling office take?
I. They should report the insurance agent to the Insurance Agents Registration Board (IARB), or the insurance broker to the relevant broker body or the Insurance Authority as appropriate.
II. They should refer the case to the IA where there is concrete evidence of non-compliance.
III. They should suspend the insurance agent from selling any further new life insurance, or suspend accepting any further new life insurance sold by the insurance broker’s chief executive/technical representative who did the twisting.
IV. They should claw back the commission paid on the case(s) in question.Correct
If it is agreed that twisting has occurred, the selling office must immediately:
• They should report the insurance agent to the Insurance Agents Registration Board (IARB), or the insurance broker to the relevant broker body or the Insurance Authority as appropriate.
• They should suspend the insurance agent from selling any further new life insurance, or suspend accepting any further new life insurance sold by the insurance broker’s chief executive/technical representative who did the twisting.
• They should claw back the commission paid on the case(s) in question.
• They should write to the client, explaining that he may have been sold policy(ies) unprofessionally, and giving him the option to end the arrangements, request the return of all the premiums paid on the New Policy, and reinstate the Existing Policy(ies).Incorrect
If it is agreed that twisting has occurred, the selling office must immediately:
• They should report the insurance agent to the Insurance Agents Registration Board (IARB), or the insurance broker to the relevant broker body or the Insurance Authority as appropriate.
• They should suspend the insurance agent from selling any further new life insurance, or suspend accepting any further new life insurance sold by the insurance broker’s chief executive/technical representative who did the twisting.
• They should claw back the commission paid on the case(s) in question.
• They should write to the client, explaining that he may have been sold policy(ies) unprofessionally, and giving him the option to end the arrangements, request the return of all the premiums paid on the New Policy, and reinstate the Existing Policy(ies). -
Question 9 of 30
9. Question
Which of the following has to arrange terms for reinstatement of the Existing Policy(ies), if the client so wishes, to allow the client, to the maximum extent possible, to return to the same position as if the twisting had not taken place?
Correct
The non-selling office has to arrange terms for reinstatement of the Existing Policy(ies), if the client so wishes, to allow the client, to the maximum extent possible, to return to the same position as if the twisting had not taken place. Where the client opts for reinstatement of the Existing Policy, it is the selling office, rather than the counseling office, who will be responsible for paying any claims, subject to the terms and conditions of the New Policy, that may have occurred on a date when the existing policy had been surrendered or lapsed in the course of the policy replacement.
Incorrect
The non-selling office has to arrange terms for reinstatement of the Existing Policy(ies), if the client so wishes, to allow the client, to the maximum extent possible, to return to the same position as if the twisting had not taken place. Where the client opts for reinstatement of the Existing Policy, it is the selling office, rather than the counseling office, who will be responsible for paying any claims, subject to the terms and conditions of the New Policy, that may have occurred on a date when the existing policy had been surrendered or lapsed in the course of the policy replacement.
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Question 10 of 30
10. Question
What are the actions if it cannot be agreed that twisting has taken place?
Correct
If it cannot be agreed that twisting has taken place, the complaining client or office may refer the complaint to the IARB, the relevant broker body or the IA as appropriate, which will give a ruling. Where twisting is established, it will decide on the appropriate disciplinary action against the insurance agent or insurance broker and inform the client of his rights to a reinstated Existing Policy and to a return of all the premiums paid on the New Policy.
Incorrect
If it cannot be agreed that twisting has taken place, the complaining client or office may refer the complaint to the IARB, the relevant broker body or the IA as appropriate, which will give a ruling. Where twisting is established, it will decide on the appropriate disciplinary action against the insurance agent or insurance broker and inform the client of his rights to a reinstated Existing Policy and to a return of all the premiums paid on the New Policy.
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Question 11 of 30
11. Question
Which of the following should contain the information necessary for the participants to be able to make an informed judgment of the investment proposed to them?
Correct
An up-to-date Principal Brochure should contain the information necessary for the participants to be able to make an informed judgment of the investment proposed to them. In addition, an ‘Illustration Document’ is required to be issued in accordance with the guidelines set out in the SFC’s “Code on Investment-Linked Assurance Schemes”.
Incorrect
An up-to-date Principal Brochure should contain the information necessary for the participants to be able to make an informed judgment of the investment proposed to them. In addition, an ‘Illustration Document’ is required to be issued in accordance with the guidelines set out in the SFC’s “Code on Investment-Linked Assurance Schemes”.
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Question 12 of 30
12. Question
In the event that the Life Insurance Council finds that an insurer has failed to comply with the process. Which of the following actions are included in this?
I. it will need reassessment at a later date
II. It will seek cooperation from the office(s) concerned
III. It will endeavor to mediate among all parties concerned
IV. It will refer the case to the IA where there is concrete evidence of non-complianceCorrect
In the event that the Life Insurance Council finds that an insurer has failed to comply with the above process, it will:
• seek cooperation from the office(s) concerned
• endeavor to mediate among all parties concerned
• the case to the IA where there is concrete evidence of non-complianceIncorrect
In the event that the Life Insurance Council finds that an insurer has failed to comply with the above process, it will:
• seek cooperation from the office(s) concerned
• endeavor to mediate among all parties concerned
• the case to the IA where there is concrete evidence of non-compliance -
Question 13 of 30
13. Question
Which of the following are included in the minimum requirements included in an illustration document?
I. Surrender values and death benefits
II. Prescribed statements
III. Complaints or disputes
IV. Illustration preparationCorrect
Minimum requirements for the information to be included in the illustration document are surrender values and death benefits and prescribed statements.
Incorrect
Minimum requirements for the information to be included in the illustration document are surrender values and death benefits and prescribed statements.
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Question 14 of 30
14. Question
Which of the following statements are included in the surrender values and death benefits?
I. The illustration should not include all policy level charges but the fund management charges levied by fund managers.
II. The insurance company must indicate what the policyholder would be expected to receive if he redeems at the end of each of the first 5 years of the contract.
III. the insurance company should illustrate the projected death benefits in the event that the life insured dies on those alternative dates without the policy being redeemed.
IV. It should be based on either 4 different assumed rates of return of 0%, 3%, 6%, and 9% per annum respectively, or 3 different assumed rates of return of 0%, 3%, and 6% per annum respectivelyCorrect
In surrender values and death benefits, it should be based on either 4 different assumed rates of return of 0%, 3%, 6%, and 9% per annum respectively, or 3 different assumed rates of return of 0%, 3%, and 6% per annum respectively. The insurance company must indicate what the policyholder would be expected to receive if he redeems at the end of each of the first 5 years of the contract. The insurance company should illustrate the projected death benefits in the event that the life insured dies on those alternative dates without the policy being redeemed.
Incorrect
In surrender values and death benefits, it should be based on either 4 different assumed rates of return of 0%, 3%, 6%, and 9% per annum respectively, or 3 different assumed rates of return of 0%, 3%, and 6% per annum respectively. The insurance company must indicate what the policyholder would be expected to receive if he redeems at the end of each of the first 5 years of the contract. The insurance company should illustrate the projected death benefits in the event that the life insured dies on those alternative dates without the policy being redeemed.
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Question 15 of 30
15. Question
Which of the following statements is TRUE about the purpose of the Standard Illustration?
Correct
The LIC has produced the “Standard Illustration for Participating Policies” with the purpose of ensuring that every prospective policyholder is provided as a minimum with a summary illustration of the benefits of a participating insurance policy. The purpose of the Standard Illustration is to ensure that each prospective policyholder is provided as a minimum with a summary illustration of the benefits of universal life (non-linked) insurance policy.
Incorrect
The LIC has produced the “Standard Illustration for Participating Policies” with the purpose of ensuring that every prospective policyholder is provided as a minimum with a summary illustration of the benefits of a participating insurance policy. The purpose of the Standard Illustration is to ensure that each prospective policyholder is provided as a minimum with a summary illustration of the benefits of universal life (non-linked) insurance policy.
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Question 16 of 30
16. Question
Apart from figures, the Illustration Document includes explanatory notes, information, advice, and warning. Which of the following are included in this?
I. The illustration given is only a summary illustration of the major benefits of the proposed policy.
II. The illustration refers to the Basic Plan only and assumes that all premiums are paid in full as planned without exercising the premium holiday option.
III. The amount of total premium(s) may be slightly different from the total of the premiums payable in the policy due to rounding differences.
IV. When reviewing the values shown in the illustration, the applicant should take note that the cost of living in the future is likely to be higher than it is today due to inflation.Correct
Apart from figures, the Illustration Document includes the following explanatory notes, information, advice and warning:
• The illustration given is only a summary illustration of the major benefits of the proposed policy.
• The illustration refers to the Basic Plan only, and assumes that all premiums are paid in full as planned without exercising the premium holiday option.
• When reviewing the values shown in the illustration, the applicant should take note that the cost of living in the future is likely to be higher than it is today due to inflation.Incorrect
Apart from figures, the Illustration Document includes the following explanatory notes, information, advice and warning:
• The illustration given is only a summary illustration of the major benefits of the proposed policy.
• The illustration refers to the Basic Plan only, and assumes that all premiums are paid in full as planned without exercising the premium holiday option.
• When reviewing the values shown in the illustration, the applicant should take note that the cost of living in the future is likely to be higher than it is today due to inflation. -
Question 17 of 30
17. Question
What should the applicant take note when reviewing the values shown in the illustration?
Correct
Apart from figures, the Illustration Document includes the following explanatory notes, information, advice, and warning. When reviewing the values shown in the illustration, the applicant should take note that the cost of living in the future is likely to be higher than it is today due to inflation.
Incorrect
Apart from figures, the Illustration Document includes the following explanatory notes, information, advice, and warning. When reviewing the values shown in the illustration, the applicant should take note that the cost of living in the future is likely to be higher than it is today due to inflation.
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Question 18 of 30
18. Question
The charges to be disclosed should be separated into five categories. Which of the following are included in these categories?
I. Premium charge
II. Policy loan balance
III. Cost of insurance
IV. Policy administration feeCorrect
The charges to be disclosed should be separated into five categories, it includes premium charge, surrender charge, cost of insurance, policy administration fee, and all other current and maximum fees and charges.
Incorrect
The charges to be disclosed should be separated into five categories, it includes premium charge, surrender charge, cost of insurance, policy administration fee, and all other current and maximum fees and charges.
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Question 19 of 30
19. Question
In Standard Illustration, under which of the following circumstances can an applicant should only apply for the product?
Correct
Apart from figures, the Illustration Document includes the following explanatory notes, information, advice, and warning. The applicant should only apply for the product if he intends to pay the premium for the whole of the premium payment term.
Incorrect
Apart from figures, the Illustration Document includes the following explanatory notes, information, advice, and warning. The applicant should only apply for the product if he intends to pay the premium for the whole of the premium payment term.
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Question 20 of 30
20. Question
In the event that the Life Insurance Council finds that an insurer has failed to comply with the process. Which of the following actions are included in this?
I. it will need reassessment at a later date
II. It will seek cooperation from the office(s) concerned
III. It will endeavor to mediate among all parties concerned
IV. It will refer the case to the IA where there is concrete evidence of non-complianceCorrect
In the event that the Life Insurance Council finds that an insurer has failed to comply with the above process, it will:
• seek cooperation from the office(s) concerned
• endeavor to mediate among all parties concerned
• the case to the IA where there is concrete evidence of non-complianceIncorrect
In the event that the Life Insurance Council finds that an insurer has failed to comply with the above process, it will:
• seek cooperation from the office(s) concerned
• endeavor to mediate among all parties concerned
• the case to the IA where there is concrete evidence of non-compliance -
Question 21 of 30
21. Question
In Standard Illustration, under what circumstances the policy may terminate the Account Value?
I. If the Account Value is insufficient to pay the charges
II. If the policy does not offer any minimum guaranteed credit interest rate
III. If the policy loan balance (if applicable) exceeds the Account Value
IV. If they consider that such will further enhance the suitability assessment for their own productsCorrect
The standard information to be included in the Illustration Document is set out in a sample format obtainable from the HKFI or supplied by the insurance company. The policy may terminate if the Account Value is insufficient to pay the charges, or the policy loan balance (if applicable) exceeds the Account Value.
Incorrect
The standard information to be included in the Illustration Document is set out in a sample format obtainable from the HKFI or supplied by the insurance company. The policy may terminate if the Account Value is insufficient to pay the charges, or the policy loan balance (if applicable) exceeds the Account Value.
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Question 22 of 30
22. Question
In company customization, the insurance companies may customize the Illustration Document except which of the following?
I. To exclude the information should be relevant to illustrate the product details to customers
II. To exclude the information not applicable to the product
III. To exclude the information not relevant to customers
IV. To include additional information provided that such additional information is not misleading and does not otherwise detract from the information disclosed in the standard requirementsCorrect
In company customization, the insurance companies may customize the Illustration Document, except otherwise stated, to exclude the information not applicable to the product and not relevant to customers; and to include additional information provided that such additional information is not misleading and does not otherwise detract from the information disclosed in the standard requirements.
Incorrect
In company customization, the insurance companies may customize the Illustration Document, except otherwise stated, to exclude the information not applicable to the product and not relevant to customers; and to include additional information provided that such additional information is not misleading and does not otherwise detract from the information disclosed in the standard requirements.
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Question 23 of 30
23. Question
Company customization is also subject to such other limitations as limitations on the use of which of the following?
I. Insurance terminology
II. Company webpage
III. Presentation of figures
IV. Printing formatCorrect
The additional information should be relevant to illustrate the product details to customers. Company customization is also subject to such other limitations as limitations on the use of insurance terminology, the presentation of figures and the printing format, and requirements on the applicant’s signature.
Incorrect
The additional information should be relevant to illustrate the product details to customers. Company customization is also subject to such other limitations as limitations on the use of insurance terminology, the presentation of figures and the printing format, and requirements on the applicant’s signature.
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Question 24 of 30
24. Question
Which of the following does the insurance company’s Appointed Actuary is responsible for?
Correct
The illustration should be free of any misleading statement, promise or representation. The insurance company’s Appointed Actuary is responsible for taking all reasonable steps to ensure that the insurance company’s potential policyholders are not misled as to their expectations.
Incorrect
The illustration should be free of any misleading statement, promise or representation. The insurance company’s Appointed Actuary is responsible for taking all reasonable steps to ensure that the insurance company’s potential policyholders are not misled as to their expectations.
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Question 25 of 30
25. Question
The insurance company should project the values using two different assumptions. Which of the following are included in this?
I. It is based on the cost of insurance
II. It is based on the policy administration fee
III. It is based on the minimum guaranteed crediting interest rates
IV. It is based on the current assumed crediting interest rateCorrect
The insurance company should project the values using two different assumptions. The first one is based on the minimum guaranteed crediting interest rates prescribed under the policy. The second one is based on the current assumed crediting interest rate (i.e. the current crediting interest rate assumption based on a best estimate) forecast by the insurance company.
Incorrect
The insurance company should project the values using two different assumptions. The first one is based on the minimum guaranteed crediting interest rates prescribed under the policy. The second one is based on the current assumed crediting interest rate (i.e. the current crediting interest rate assumption based on a best estimate) forecast by the insurance company.
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Question 26 of 30
26. Question
In setting the best estimate assumptions in the Current Assumed Basis, which of the following should have regard to the Actuarial Guidance Notes (AGN) on Best Estimate Assumptions by the Actuarial Society of Hong Kong (ASHK)?
Correct
Appointed Actuary
In setting the best estimate assumptions in the Current Assumed Basis, the insurance company’s Appointed Actuary should have regard to the Actuarial Guidance Notes (AGN) on Best Estimate Assumptions by the Actuarial Society of Hong Kong (ASHK).Incorrect
Appointed Actuary
In setting the best estimate assumptions in the Current Assumed Basis, the insurance company’s Appointed Actuary should have regard to the Actuarial Guidance Notes (AGN) on Best Estimate Assumptions by the Actuarial Society of Hong Kong (ASHK). -
Question 27 of 30
27. Question
What is the reason why the LIC has produced the “Standard Illustration for Participating Policies”?
Correct
The LIC has produced the “Standard Illustration for Participating Policies” with the purpose of ensuring that every prospective policyholder is provided as a minimum with a summary illustration of the benefits of a participating insurance policy (excluding universal life insurance).
Incorrect
The LIC has produced the “Standard Illustration for Participating Policies” with the purpose of ensuring that every prospective policyholder is provided as a minimum with a summary illustration of the benefits of a participating insurance policy (excluding universal life insurance).
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Question 28 of 30
28. Question
In the standard illustration for participating policies, the standard information to be included in the Illustration Document is set out in a sample format obtainable from which of the following?
I. Securities and Futures Commission (SFC)
II. Hong Kong Monetary Authority (HKMA)
III. Hong Kong Federation of Insurers (HKFI)
IV. Supplied by the insurance companyCorrect
In the standard illustration for participating policies, the standard information to be included in the Illustration Document is set out in a sample format obtainable from the Hong Kong Federation of Insurers (HKFI) or supplied by the insurance company.
Incorrect
In the standard illustration for participating policies, the standard information to be included in the Illustration Document is set out in a sample format obtainable from the Hong Kong Federation of Insurers (HKFI) or supplied by the insurance company.
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Question 29 of 30
29. Question
The projected non-guaranteed benefits included in Section 3 of the Standard Illustration (which is headed Basic Plan – Illustration Summary) are based on which of the following?
Correct
Company’s dividend/bonus scales
The projected non-guaranteed benefits included in Section 3 of the Standard Illustration (which is headed Basic Plan – Illustration Summary) are based on the company’s dividend/bonus scales determined under current assumed investment return and are not guaranteed.Incorrect
Company’s dividend/bonus scales
The projected non-guaranteed benefits included in Section 3 of the Standard Illustration (which is headed Basic Plan – Illustration Summary) are based on the company’s dividend/bonus scales determined under current assumed investment return and are not guaranteed. -
Question 30 of 30
30. Question
For the period, the experience of the pooled fund over a given period is a function of which of the following?
I. Fund’s investment yields
II. Bonuses
III. Expenses
IV. ClaimsCorrect
Pooled funds are funds in a portfolio from many individual investors that are aggregated for the purposes of investment. The experience of the pooled fund over a given period is a function of the fund’s investment yields, expenses, claims, etc. for that period.
Incorrect
Pooled funds are funds in a portfolio from many individual investors that are aggregated for the purposes of investment. The experience of the pooled fund over a given period is a function of the fund’s investment yields, expenses, claims, etc. for that period.