VAR increases or decreases question question

LPoulin133

This is 2010 Mock PM Case 3:



1. A change from 95% confidence level VAR to 99%, would provide a _______ VAR estimate?
higher? lower?


2. A change from daily VAR to monthly VAR, the VAR estimate would ________?
increase? decrease?

According to guideline answer:
Question 1, lower;question 2 increase.


And:
Using a 95% confidence level, the portfolio has an average daily VAR of $1ml.

Statement: the VAR represents a maximum loss that will not be exceeded. True/false?

My opinion: when VAR comes with 5%, it is minimum loss; when comes with 95%, though same amount, it is maximum loss. Am I correct?