surplus at risk

CFA Level III
#1

95% surplus at risk to be $500mm for annual horizon. how does it work?

#2

95% chance the surpluse will lose no more than 500 mil annually

#3

5% chance the surplus will lose at least $500M

#4

Mr.Good.Guy Wrote: ------------------------------------------------------- > 5% chance the surplus will lose at least $500M in one year