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 O D. completion notes
Q: Explain the four legal principles associated with insurance contracts in detail, stressing the…
A: Insurance is a contract, represented by a policy, in which a person or entity receives financial…
Q: 16. Liabilities whose amounts must be estimated are disclosed in financial statements by a.…
A: Liabilities whose amounts must be estimated are disclosed in financial statements by a. including…
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: S1: PFRS 17 allows and insurer to change its accounting policies for insurance contract only if, as…
A: S1 is correct. PFRS 17 allows the insurer to change the accounting policy only if it results in…
Q: 6) Name and define the three parts of an insurance calculation charges?
A: Insurance is a contract, represented by a policy, in which a person or entity receives financial…
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: Which one of the following options is correct for a journal entry creating provision for warranty…
A: SOLUTION- THE COMPANY NEEDS TO MAKE PROVISION OF WARRANTY WHEN IT SELLS THE PRODUCT WITH THE…
Q: 18. Prepare the initial entries to record the given loan. 19. What are the accounts involved in the…
A: Unearned revenue: It is the amount received from a client for a service or product which is yet…
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: 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: 1: PFRS 17 allows and insurer to change its accounting policies for insurance contract only if, as a…
A: Only the S1 is correct PFRS 17 said that insurer can change its accounting policy if it provides…
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: Prepare the journal entries required by the lessee and the lessor on 12/31/Year 5.
A: Cost of Equipment $ 295000 Fair Value of Equipment $ 295000 Lease Term 5 years Lease Rent is…
Q: 7. Which of the following accounts is an liability? a. Bank deposit b. Prepaid insurance expense c.…
A: Liability is an obligation for a business. It arises when anything is payable in future or any…
Q: ABC obtains life insurance from Entity BB (an insurance company). Entity A cedes 35% of the…
A: An insurance company can take insurance from another Insurance company by transferring Insurance…
Q: 17. The insurer will issue to the insured before completion of policy Form. *
A: Cover Note A cover note is a temporary certificate of insurance issued by the Insurer before the…
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: 12. Which of the following events would not require a journal entry? a Purchase of a one-year…
A: Introduction:- Journal entry is the first step of accounting process. It is used to record business…
Q: 14. Which of the following is an example for non-trade receivables? a. Dividends receivable. b. All…
A:
Q: All of the following are true of known liabilities except: rev: 10_02_2019_QC_CS-184070 Top of…
A: liabilities are considered as legal financial debt or obligation that arises during the course of…
Q: A payment made by the insurance company would be documented where? a.The progress note b.The…
A: Insurance company makes payments to the insured and these payments are documented as below.
Q: the classified balance sheet will show which liability subsections? A. current liabilities and…
A: Current liability: Amounts which are payable with in one year will be treated as current…
Q: S1: PFRS 17 allows and insurer to change its accounting policies for insurance contract only if, as…
A: The current set of questions is related to accounting practices for an insurance company in terms of…
Q: hich of the following best describes the accounting for assurance-type warranty costs?
A: Since an assurance-type warranty guarantees the functionality of a product, the warranty is not…
Q: when reinstating a policy an insured must provide the insurer with which of the following: A.…
A: Reinstating or renew of a policy can be done within 30 days of lapse of a policy without any…
Q: If an insured fails to pay the premium when due, the insured's heallh policy will remain in force…
A: Health insurance is a type of insurance that helps to pays for medical costs incurred as a result of…
Q: Which of the following is an exception for application of IFRS 15? Oa. Insurance contracts. O b.…
A: Following are some exclusions from IFRS 15: Leases (IAS 17 or IFRS 16) Financial instruments 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: C. POS codes tell the insurance company where the services were provided.
A: As per our instructions we provide the solutions to only accounting related questions only under the…
Q: receipt of a performance bond or a security deposit id credited to
A: Performance bond and security deposit are amount received which have to be refunded upon fulfillment…
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: Recorded an adjusting journal entry for the portion of insurance coverage
A: Adjusting entry means where some adjustment need to be made at the end of specified period for…
Q: 1. PFRS 17 allows and insurer to charge its accounting policies for insurance contract only if, as a…
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…
Q: Unexpired portion of insurance premium
A: Unexpired portion of insurance premium occurs when the entity pays insurance premium in advance and…
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: unexpired periods of the respective insurance po mpts an insurer temporarily from some requiren cies…
A: Given: To explain true or false as,
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: Discuss in a report of , the following points: 1- Concept and types of insurance with a…
A: Insurance is basically a contract between two parties in which one party called insurance company…
Q: Which of the following is an arrangement by which one party promises to pay a sum of money to…
A: Options a,b and d are not correct. This is because investments are amount deposited in different…
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- 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.over note. O C. Endorsement. D. Claim form. 17. The insurer will issue to the insured before completion of policy form. * A. certificate of insurance O B. cover note O C. renewal notice O D. completion notesC. 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? *
- 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 andThe contract between insured and insurer is ______________. a. Coverage b. Premium c. Policy d. Face valueThe company selling the insurance policy is the _________________. a. Insurer b. Policy c. Premium d. Insured
- An 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. InsurerAn insurance refers to a signed agreement between the insured and the insurer. a. Security b. Certificate c. Premium d. Policy
- 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…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 formThe consideration paid by insured in a contract of insurance. A. premium C. prepaid insurance B. insurance expense D. either B or C