In Property and Casualty insurance when must an Insurable interest exist? O a. At the Start of the contract b. At the end of the contract O c. At the time of the Loss d. In the middle of the contract

Q: When a lessee makes periodic cash payments for a finance lease, which of the following accounts is…

A: PLEASE LIKE THE ANSWER, YOUR RESPONSE MATTERS    When a lessee makes periodic cash payments for a…

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: When a life insurance policy lapses, it: a. benefits the insured b. benefits neither the insurer nor…

A: When insured person fails to pay the premium on insurance than it is said that policy has lapsed and…

Q: ne purpose of casualty policy’s condition section is to list the property that is to be covered…

A: Casualty policies are taken to prevent the the company from liabilities arising out of damage or…

Q: Consider the mortgage term PITI. What do the last two letters stand for? title insurance taxable…

A: Many mortgage lenders estimate PITI for the insured person before they decide whether he qualifies…

Q: The contract between insured and insurer is O a. Coverage O b. Face value Oc. Policy O d. Premium

A: Insurance means where insurance company agree to pay the specified amount to insured person in case…

Q: When is an estimated loss on a long-term contract recognized, both for contracts that recognize…

A: Revenue recognized point of long term contract: A long-term contract qualifies for revenue…

Q: beneficiary of a life insurance policy is

A: Beneficiary of a life insurance policy is the person who receives money from the insurance company…

Q: b) Define deductible. c) What happens to your premium when the deductible is lowered? d) List three…

A: Honor code: Since you have posted a question with multiple sub-parts, we will solve the first three…

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: A contractual agreement in which the borrower receives something of value now and agrees to pay the…

A: Solution: A contractual agreement in which the borrower receives something of value now and agrees…

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: After the expiry of the policy period On the death of the insured or on the expiry of policy period…

A: Insurance means where insurance company agree to pay the specified amount to insured person in case…

Q: A release clause in a note and deed of trust is activated by a.​the full satisfaction of the terms…

A: The release clause allows for the freeing of all or part of a property from a claim by the creditor…

Q: The policy holder who receives the coverage is called O a. Premium O b. Insured O. Face value O d.…

A: Insurance is a term used for the security provided in monetary terms by an insurance company to a…

Q: What is the consideration for the insurer in an insurance contract?

A: Contract:   Contract is an agreement among two parties or more parties which includes enforceable…

Q: Which of the following statements is correct about perils in property insurance policies?

A: Insurance is a contract by which the insured party is protected against losses by the Insurer in…

Q: Describe accounting for leases and pensions.

A: Leases: Lesser shall classify the lease contract into one of the following contracts before making…

Q: An insurance refers to a signed agreement between the insured and the insurer. O a. Certificate O b.…

A: Insurance policies are beneficial to people as it provides cover against uncertainties, significant…

Q: What are the two types of losses that can become evidentin accounting for long-term contracts? What…

A: The two types of losses that can become evident while accounting for long-term contracts are:(1) A…

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: Describe the Investments in Life Insurance Policies.

A: Life Insurance policies are to provide financial support to the beneficiaries and dependents after…

Q: The standard homeowners policy contains both property and liability coverages.    True or False

A: The standard homeowners policy can be defined as the contract between insurer and the insured where,…

Q: It refers to the right of mortgagor to redeem the mortgaged property after his default of the…

A: The question is related to the choose the correct option for the given statement. Redemption means…

Q: Insuring clause in an Accident & Health policy states which of the following information? A. The…

A: There are different clause in the insurance policy that what is covered and what is not covered and…

Q: __ is a contract that involves compensation for specific potential future losses in exchange for…

A: Step 1 Currency swap forward contracts are frequently used by companies with international market…

Q: Consider the mortgage term PITI. What do the last two letters stand for? (a)title insurance…

A: Mortgage is a legal arrangement under which a bank, building society, etc., in return for taking…

Q: he consideration paid by insured in a contract of in - premium C. prepaid insurance insurance…

A: The insurance companies do different kind of insurance for the companies depending on the risk and…

Q: QUESTION 1 Explain the four legal principles associated with insurance contracts in detail,…

A: Insurance:   It is a contract between two parties under which one party takes the responsibility to…

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: STATE: Which of the following statements regarding homeowner's irsurance is true A. The listing…

A: Homeowner's insurance policy is the insurance policy for your home. It generally covers any…

Q: b. The rent is treated as a liability because it is unearned. The rental agency owes the tenant the…

A: for an asset that is given on lease, the lease rentals which is received from the customer in…

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…

Production Budget

A budget can be defined as a financial plan designed by an undertaking for a definite period in the future that can contribute towards enhancing the financial success of the business undertaking. It is used to estimate the revenue and expenses. The budget generally takes into account both current and future income and expenses.