he contract between insured and insurer is ______________. a. Coverage b. Premium c. Policy d. Face value
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: 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: Differentiate between “Compensatory contract” and “Non-Compensatory contract”. Does the concept of…
A: “Since you have asked multiple questions, we will solve the one question for you. If you want any…
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: 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: 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: 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: Which of the following sections of a commercial general liability policy contains information about…
A: Commercial General Liability (CGL) policy: You can safeguard your firm from financial ruin with a…
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: risk" factor
A: Risk is a term that shows the possibility of injury or loss to the health, business, vehicle, etc.…
Q: Interest earned on an escrow account is O A. payable to the broker holding the deposit. O B. equally…
A: As per the honor code, We’ll answer the first question since the exact one wasn’t specified. Please…
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: Under PFRS 15, how does a consignor satisfy its performance obligation under consignment contract?…
A: SOLUTION- EXPLANATION- A PERFORMANCE OBLIGATION IS SATISFIED BY TRANSFERRING A PROMISED GOOD OR…
Q: An insurance refers to a signed agreement between the insured and the insurer. a. Security b.…
A: In Insurance there are two parties, Insurer and Insured
Q: According to IAS 37 - Provisions, Contingent Liabilities, and Contingent Assets choose two of the…
A: IAS 37 is accounting standard which deals and provides guidelines about provisions and the…
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: The company selling the insurance policy is the _________________. a. Insurer b. Policy c. Premium…
A: Insurance is a means of protection from financial loss.
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: Partial satisfaction of a multiple performance obligation is reported on the balance sheet asa.…
A: Performance obligation: A performance obligation is a promise made by a seller to transfer the goods…
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: 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: The price per unit of insurance is called the O premium. loss adjustment expense. O rate. O loss…
A: Premium is the amount paid to an insurance company for providing risk coverage. Loss adjustment…
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: An implied condition of pooling risks with insurance is that the event being insured against is…
A: Insurance: An arrangement between the two parties( Insurer & Insured) where the insurer company…
Q: 2. When two or more policies cover the same loss, the right of the one insurer to call upon the…
A: The following are some of the Principles of Insurance Principle of Contribution Principle…
Q: S1: One characteristic of an insurance contract is to transfer insignificant risk from the…
A: According to PFRS 4, an insurance contract includes the significant insurance risk that is…
Q: The price per unit of insurance is called the O premium. O loss adjustment expense. O rate. O loss…
A: Premium is the amount the insured needs to pay the insurer for covering any losses that the insured…
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: What is participating in insurer management? What is treaty reinsurance? What is facultative…
A: Participating Policy: When a policyholder receives a dividend, such types of an insurance contract…
Q: Which of the following sections of a commercial general liability policy contains information about…
A: Insurance is the process through which an individual or corporation is provided financial coverage…
Q: 2) Explain why offer and acceptance is essential to the formation of a binding insurance contract?
A: An insurance contract is a legally binding agreement between the insurer and the insured. It is a…
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: 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: 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: 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: Discuss how Unilateral contract suits insurance than commutative contracts
A: An insurance contract is a kind of legal document that lays down the agreement terms between the…
Q: What is meant by noncurrent liabilities? Define it? And provide one NCL account for emirates
A: Non-Current liabilities are shown in the balance sheet.
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- The policy holder who receives the coverage is called ________________. a. Premium b. Face value c. Insured d. InsurerThe company selling the insurance policy is the _________________. a. Insurer b. Policy c. Premium d. InsuredThe consideration paid by insured in a contract of insurance. A. premium C. prepaid insurance B. insurance expense D. either B or C
- An insurance refers to a signed agreement between the insured and the insurer. O a. Certificate O b. Premium O c. Security O d. PolicyAn insurance refers to a signed agreement between the insured and the insurer. a. Security b. Certificate c. Premium d. 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.
- 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? *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 andWhich 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
- C. Endorsement. D. Claim form. 17. The insurer will issue to the insured before completion of policy form. * O A. certificate of insurance B. cover note O C. renewal notice O D. completion notes 18. A warning on duty to disclose changes affecting the existing policy inspectic1. 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…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 notes