The candidate will be able to define and recognize the definitions of the following terms: a. Cash-flow matching; b. Immunization (including full immunization); c. Redington immunization. 2. The candidate will be able to: a. Construct an investment portfolio to fully immunize a set of liability cash flows. b. Construct an investment portfolio to match present value and duration of a set of liability cash flows. c. Construct an investment portfolio to exactly match a set of liability cash flows.