Q: When should a company report the cost of an insurancepolicy as an expense?a. When the company first…
A: Insurance expense refers to the cost of insurance i.e. insurance premium incurred. An insurance…
Q: Côntrast the implementation of various bonds and insurances as needed by the Client, contractor, and…
A: While insurance and bonds decrease risks for contractors and owners, bonds are primarily intended to…
Q: What kind of insurance forms may not be included in the comprehensive forms?
A: Insurance: Insurance is the protection against an individual or an asset for the financial losses…
Q: 15. If an entity gives a product warranty that has been issued directly by a manufacturer, dealer or…
A: Hello. Since your question has multiple parts, we will solve the first question for you. If you want…
Q: What amount should be credited to Share Premium when the rights in connection with the warrants were…
A: Share premium is the premium which has been paid by the shareholder in order to acquire or purchase…
Q: The balance found in the revenue account of general insurance companies is treated as:
A: Revenue account is the one that includes all the revenue earned and outlays incurred by an entity.
Q: A contingent liability is an obligation that depends on the occurrence of a future event and that…
A: A contingent liability means a type of liability which probably occur depending on certain future…
Q: Life insurance premiums shall be reported as a deductible expense for financial reporting purposes…
A: The outlay which is an ordinary outlay and helps in the normal revenue generation of the business is…
Q: What amount should be recorded as pension liability on December 31, 2021?
A: Pension liability = plan assets - projected benefit obligation
Q: The formal document that outlines the paym lender and the borrower is: the acceleration clause. O…
A: There is agreement between borrower and lender for payment of loan.
Q: what's the difference between retirement of bond and repayment to their bond holder( assume the…
A: The answer for the theory question on difference between retirement of bond and repayment of bond…
Q: S1: The straight-line method computes the unearned premiums, policy by policy, on a pro-rata basis…
A: Insurance contract is defined as the agreement under which the insurer of the contract promise to…
Q: eneral insurance policies are usually taken for :
A: General insurance is an insurance cover that compensates for any financial loss other than death,…
Q: A policy which runs for a fixed period or up to a particular age of the insured is called_
A: Insurance business is a type of business in which one company provides assurance to another company…
Q: 9. Which of the following best describes the accounting for assurance-type warranty costs? * a.…
A: Warranty means where the company is undertaking to make good the loss which has been incurred due to…
Q: QUESTION 14 What information is contained in the insuring agreement of an insurance policy? O a…
A: "Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Which of the following is not an accrued liability? Question 36 options: A) Warranty…
A: Accrued liabilities are costs that a business has incurred but not yet paid for. Interest…
Q: Define current liabilities and list the typical liability categories included in this…
A: Current liability: Current liability is a debt that the companies need to pay the debts from…
Q: The policy holder who receives the coverage is called ________________. a. Premium b. Face value c.…
A: There are various terminology used in insurance business
Q: What are the three elements of the definition for liabilities? List from the following items that…
A: Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: 17. The insurer will issue to the insured before completion of policy form. O A. certificate of…
A: Insurance is a means of protecting oneself against financial loss. It's a sort of risk management…
Q: 21. What is the form that filled out by insured if a loss is suffered? *
A: Takaful is a sort of Islamic insurance in which members combine their funds to protect one another…
Q: Depending on when an unfunded pension liability is to be paid, it will be classified on the balance…
A: Yes, unfunded pension liability will be classified as a liability on the BS Balance Sheet It is…
Q: Which of the following is an exception for application of IFRS 15? O Pharmaceutical contracts O All…
A: As Per IFRS 15, An entity shall apply this Standard to all contracts with customers, except the…
Q: f the renewal of the policy was at the discretion of the insurer, would you expect the premiums to…
A: Insurance renewal means that the coverage on insurance continues to exist after expiration of the…
Q: Which of the following people represents several insurance companies but owns the policy…
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Which of the following is an arrangement by which one party promises to pay a sum of money to…
A: Insurance is a contract between two parties where one party i,e policy holder pays a premium to…
Q: Which of the following actions represents consideration in an insurance contract? a. paying the…
A: Insurance contract is a contract entered between Policyholder (Insured) and the Insurance company…
Q: When would the cost of credit life insurance be included in the finance charge and APR calculations…
A: Introduction: The cost of a credit insurance premium depends on different aspects such as the size…
Q: Which of the following would not appear in the asset section of an insurance company's balance…
A: Insurance company: For different forms of insurance coverage, insurance firms analyse the risk and…
Q: Define the following items: Unearned revenue Inventory Notes payable
A: Hi student Since there are multiple subparts, we will answer only first three subparts. If you want…
Q: The number of statutory books maintained by all insurance companies are
A: Insurance is the contract between two parties. Whereby one party agrees to make lose into good of…
Q: 33) When a policy matures on the death of the insured , it is called as
A: Whole life insurance policy it represents a contract between the insured and insurer that as long as…
Q: The financial disclosures related to a pension plan should include
A: Introduction As per relevant standard if there is any pension plan entity needs to disclose the…
Q: In Property and Casualty insurance when must an Insurable interest exist? O a. At the Start of the…
A: Life insurance covers the risk of life of insured. Non-life insurance may cover people, property or…
Q: ____________is a written promise to pay a specified amount of money, usually with interest, either…
A: Debtors :- It refers to that amount due from Customer is know as Debtors. Invoice :- It is an…
Q: S1: The straight-line method computes the unearned premiums, policy by policy, on a pro-rata basis…
A: In accordance with PFRS 17, The straight-line method computes the unearned premiums, policy by…
Q: The Claims Made Policy Form will pay for looses that occur at which of the following times? After…
A: Claim made policy is referred to as an insurance policy, which helps in providing the coverage at…
Q: 3. What should be reported as noncurrent liability from this transaction at December 31, 2021 after…
A: Note payable is the payable which a company is having which must have to be repaid by the company to…
Q: explain five different parts of an insurance contracts and what purpose each serves. Give examples…
A: A contract for insurance is a legally binding agreement between two parties, one of whom is known as…
Q: Which of the following is classified as nonmonetary? a. Warranty liability b. Accrued expense c.…
A: The question is multiple choice question Required Choose the Correct Option.
Q: What are the three elements of the definition for liabilities? List from the following items that…
A: Liabilities are the obligations of the individuals or the company which have to be paid back after a…
Q: he contract between insured and insurer is ______________. a. Coverage b. Premium c. Policy d. Face…
A: Insurance means where insurance company agree to pay the specified amount to insured person in case…
Q: 18. A warning on duty to disclose changes affecting the existing policy inspection are sent to…
A: Insurance is a financial mechanism that protects an insured asset from various risks. There are many…
Q: What accounts are used to record a contingent warranty liability that is probable and estimable…
A: Warranty is a form of assurance being provided by the seller to the buyer that if there will be any…
Step by step
Solved in 2 steps
- C. renewal notice O D. completing notes 19. is the document that acknowledge the insured legally entitled to receive the payment from the policy. * O A. Discharge notes B. Completion notes O C. Claim form O D. Policy form 20. The written insurance document that may include all clauses, exception andC. Endorsement. O D. Claim form. 17. The insurer will issue to the insured before completion of policy form. * O A. certificate of insurance O B. cover note O C. renewal notice D. completion notes 18. A warning on duty to disclose changes affecting the existing policy inspection are sent to insured throughC. Claim form D. Policy form 20. The written insurance document that may include all clauses, exception and conditions is called O A. endorsement O B. claim form O C. certificate of insurance O D. policy form 21. What is the form that filled out by insured if a loss is suffered? *
- te of insurand O D. policy form 21. What is the form that filled out by insured if a loss is suffered? * O A. Loss form B. Completion notes C. Endorsement D. Claim form 22. is the application document used for making the proposal.The company selling the insurance policy is the _________________. a. Insurer b. Policy c. Premium d. InsuredThe contract between insured and insurer is ______________. a. Coverage b. Premium c. Policy d. Face value
- The consideration paid by insured in a contract of insurance. A. premium C. prepaid insurance B. insurance expense D. either B or CAn insurance refers to a signed agreement between the insured and the insurer. O a. Certificate O b. Premium O c. Security O d. PolicyThe policy holder who receives the coverage is called ________________. a. Premium b. Face value c. Insured d. Insurer
- 1. The significant risk that is transferred from the policyholder to the issuer of an insurance contract is:a. Lapse or persistency riskb. Financial riskc. Expense riskd. Insurance risk2. Under the general model of PFRS 17, a group of insurance contracts is initially measured at:a. The fulfillment cash flowsb. The contractual service marginc. Either a or bd. Both a and b3. A group of insurance contracts is subsequently measured at:a. The liability for remaining coverageb. The liability for incurred claimsc. Either a or bd. Both a and b4. According to PFRS 17, an insurance contract is NOT derecognized when:a. Expiredb. Terms have been modified, and the modification is not substantivec. Terms have been modified, and the modification is substantived. Extinguished5. According to PFRS 17, an accounting service result is recognized in:a. Profit or lossb. Other comprehensive incomec. Statement of financial positiond. Partly in profit or loss, and partly in other comprehensive incomeUse the…When should a company report the cost of an insurancepolicy as an expense?a. When the company first signs the policy.b. When the company pays for the policy.c. When the company receives the benefits from thepolicy over its period of coverage.d. When the company receives payments from the insurance company for its insurance claims.Which of the following items is required by the Life Insurance and Annuity Replacement Rule? A. A Notice Regarding Replacement of Life Insurance or Annuity B.A Notice Regarding Insurance Producer Compensation Schedule C.A Statement of Ethical Practices D. A Comparative Information form