1. Fundamental purposes of the principle of indemnity include which of the following? I- To

Q: (a) Cite an example of a contract which is contrary to morals, (b) Can the nullity of the…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: 18. Which of the following contingencies is usually not accrued in the accounts? a. uninsured risk…

A: Contingencies means:

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: Is disaster insurance unfair to insurance companies ? Explain your answer and provide an example.

A: Disaster Insurance The meaning of disaster insurance is is different from the life insurance which…

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: All of the following are reasons for a primary insurer to use reinsurance EXCEPT O to increase the…

A: Reinsurance is nothing but an insurance policy taken by an insurance company from another insurance…

Q: What is meant by the expression, “The policyholder gets the benefit of the doubt,” in connection…

A: All insurance policies favour the insured person if there is any doubt etc benefits of doubt is…

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: Which is not a management practice for reducing the problems of adverse selection and moral hazard…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: 4. An insured may not be compensated by the insurance company in an amount exceeding the insured's…

A: The following are some of the principles of insurance, they are Principle of contribution Principle…

Q: LO4. How are contingent liabilities accounting for? a) In your own word, what is a contingent…

A:

Q: Choose the best answer. 1.Which statement is TRUE about an insurance contract? * a.The insurer is…

A: IFRS: The full form of IFRS is international financial reporting standards. For the preparation of…

Q: True or False? 1. An insurance contract is derecognized when it is extinguished and when it is…

A: An insurance contract is a contract between the two parties where one party promises to pay the…

Q: he following statements is true? a. No loss contingencies should be disclosed if there is just a…

A:

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: What distinguishes a current liability from a long-term liability?  Why is it so important to report…

A: Liabilities: The claims creditors have over assets or resources of a company are referred to as…

Q: Determine if this shall result in recognition of liabilities 15.Violation of the terms of agreement…

A: As per IAS 37, of IFRS Provisions, contingent liabilities and contingent assets If likelihood of…

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: Q1 (a) What attributes should an item or transaction exhibit in order to be classified as a…

A: Liability is an obligation which is to be paid at some future date. It is shown in the balance…

Q: 1. (a) “Insurance is a method of reducing risk”. Justify the statement. Briefly discuss the various…

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

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 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: 4.   An encumbrance represents the estimated future liability for goods or services resulting from…

A: Encumbrance is the future estimation which is kept aside, as per the requirement of law. This are…

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: Which one of the following category prepaid expenses belong to?

A: Current assets are the assets of the company that are expected to be consumed through standard…

Q: TRUE OR FALSE 1. PFRS 4 SUPERSEDES PFRS 17 2.INSURANCE RISK WILL BE DEEMED SIGNIFICANTLY ONLY IF…

A: PFRS refers to the Philippine Financial Reporting Standards which are used by the accountants for…

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: Which of the following is NOT a valid type of compensation for breach of contract? Select one: a.…

A: A contract is an agreement between two or more parties in which one party is bound to perform or not…

Q: tell me why the use of reinsurance contributes to the solvency of the ceding insurer.

A: By ceding a portion of their risk, ceding companies reduce their overall risk exposure and…

Q: Determine if this shall result in recognition of liabilities 14.Violation of the terms of a…

A: As per IAS 37 of IFRS Provisions, contingent liabilities and continent assets A contingent liability…

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: 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: 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: (Based on Appendix 12A) Whole-life insurance policies typically can be surrendered while the insured…

A: Cash surrender value: Companies purchase whole-life insurance policies on the lives of the key…

Q: One of the purposes that deductible are used in insurance policies is to O eliminate coverage for…

A: In insurance, deductibles are expenses that a person has to bear by him/herself before the benefits…

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…

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…