QUESTION 14 What information is contained in the insuring agreement of an insurance policy? O a description of the property or life to be insured O a summary of the major promises of the insurer Oa summary of the obligations of the insured Oa list of the property, losses, and perils that are not covered QUESTION 15
Q: J requests insurance on a neighbor's home in his own name. The insurance producer explains that such…
A: Since you have posted multiple questions, as per answering guidelines we shall be solving first…
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: 15. Which of the following does not belong to the main products of life insurance? * O A. Endowment…
A: Insurance is a financial mechanism that protects an insured asset from any type of risk. There are…
Q: Statement 1: If an insured outlived his policy and received from the insurance company an amount…
A: Here discuss about the tax burden which are incurred in the insurance policy after the outlive of…
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: 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: S1: PFRS 17 allows and insurer to change its accounting policies for insurance contract only if, as…
A: An insurer is allowed to make changes in accounting policy only when it results in a more accurate…
Q: 3, Which of the following principles of insurance denotes a positive duty of the person seeking…
A: Utmost good faith principle of insurance: As a general rule, insurance contracts are governed by the…
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: 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: 1. S1: Maker Co, a manufacture and dealer of household appliances, agrees to indemnify a customer of…
A: "Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: QUESTION 13 The primary function of an actuary is to adjust claims. determine premium rates.…
A: Actuary: An actuary is a specialized professional who analyses financial risks by by using…
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: 11. Which of the following is NOT the features of investment-linked insurance? O A. The insured can…
A: A life insurance plan that combines investment and protection is referred to as an investment-linked…
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: TRUE OR FALSE 1. PFRS 17 allows and insurer to charge its accounting policies for insurance contract…
A: Note: “Since you have asked multiple question, we will solve the first question for you. If you want…
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: 10. ________principle means that the insured is not entitled to make a profit on his loss: a.…
A: As posted multiple independent questions we are answering only first question kindly repost the…
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: Discuss SEVEN (7) factors affecting Life insurance premium. Please provide justification for each of…
A: Life insurance is a formal contract between the life insurance company as insurer and an individual…
Q: a. Identify and explain the basic perils insured under a Standard Fire Policy. Name any three extra…
A: a. Standard fire insurance policy is the policy that is taken by the insured to cover the losses…
Q: 20. The written insurance document that may include all clauses, exception and conditions is called…
A: The written insurance document that may include all clauses, exception and conditions is called…
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: 13. Life insurance is necessary because it can provide (among other things) the benefits. Which of…
A: A policyholder must pay a single payment up front or regular premiums over time in order for their…
Q: 5. Which of the following actions showcases the principle of "uberrima fides"? O A. Lying about…
A: Uberrima fides is a Latin word which means "utmost good faith".
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: 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: 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: 11.An insurance contract is a contract of adhesion. 12.Any party to a contract can agree on any…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Question 4: (Maximum 300 words ) Critically evaluate the three measurement approaches under IFRS 17…
A: the three approach are : The General Measurement Model The Premium Allocation Approach Variable…
Q: 1. Insurable interest refers to O A. the item to be insured should be legal and not against public…
A: Insurable Interest forms subject matter of all insurance policies and is defined as follows
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: 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: 19. is the document that acknowledge the insured legally entitled to receive the payment from the…
A: Insurance is a financial mechanism that protects an insured asset from various risks. There are many…
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: 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: 3.Define the meaning of underwriting. Briefly explain the basic principles of underwriting.
A: Note: “Since you have asked multiple question, we will solve the first question for you. If you want…
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- C. 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? *Question 9 of 10 Which area is not protected by most homeowners insurance? The home Your view Loss of use Personal property ContinueQUESTION 13 The primary function of an actuary is to O adjust claims. determine premium rates. negotiate reinsurance treaties O invest insurance company assets Click Save and Submit to save and submit. Click Same All Answers to save all answers.
- 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 and3326 J requests insurance on a neighbor's home in his own name. The insurance producer explains that such a policy also would violate the principle of: a. subrogation b. assignment c. warranty d. insurable interest 3330 Which of the following actions represents consideration in an insurance contract? a. paying the premium b. filing a claim c. missing the policy d. endorsing a policyte 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.
- uge to or loss of a dwelling and personal property of of g protects the beneficiary against the financial aspects of a traffic accident. TUSS, damage, or injury. May result in either financial gain or financial loss. 24. Financial service used to protect against loss. 25. Completion Amount of money or other services to which you are entitled under the terms of your insurance policy. Complete each statement. 26. A(n) endorsement 27. The Premium is an attachment to existing insurance coverage. is the amount the insured pays for insurance coverage. 28. The amount the insured is responsible for paying when a claim is made is the deductible 29. The process of documenting a loss against an insurance policy is called filing a(n) Claim 30. depreciation is a decrease in the value of property as a result of age or wear and tear. 31. The replacement cost minus depreciation is known as actual cash value 32. All 50 states have financial responsibility laws that require drivers to show proof of…C. 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 throughQUESTION 8 Maria's property was damaged by an earthquake. Maria is unsure whether earthquake is covered by her property insurance. Which two sections of the property insurance policy should Maria review to determine whether earthquake damage to her property is covered? a. exclusions and declarations b. definitions and insuring agreement C. insuring agreement and exclusions d. conditions and declarations
- 3330 Which of the following actions represents consideration in an insurance contract? a. paying the premium b. filing a claim c. missing the policy d. endorsing a policySTATE: Which of the following statements regarding homeowner's insurance is true? A. The listing agent should advise the seller to cancel homeowner's insurance immediately after by the seller's standard homeowner's going under contract B. Vacant properties are always covered insurance police C. A seller that retains possession after closing may not be covered under their homeowner's insurance policy D. Homeowner's insurance policy premiums are not affected by previous claims... docs.google.com @ D. All of the above 15. Which of the following does not belong to the main products of life insurance? * O A. Endowment O B. Personal accident O C. Term O D. Whole life