ABC Insurance Co. issues a group of insurance contracts on Dec. 19, 2021. The coverage period of the group starts on Jan. 1, 2022 and the first premium from a policyholder in the group is due Jan. 4, 2022. The group of insurance contracts is not onerous. When is the recognition date of the group of insurance contract issued?  December 19, 2021  December 31, 2021  January 1, 2022  January 4, 2022

Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter17: Advanced Issues In Revenue Recognition
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ABC Insurance Co. issues a group of insurance contracts on Dec. 19, 2021. The coverage period of the group starts on Jan. 1, 2022 and the first premium from a policyholder in the group is due Jan. 4, 2022. The group of insurance contracts is not onerous. When is the recognition date of the group of insurance contract issued? 

December 19, 2021 

December 31, 2021 

January 1, 2022 

January 4, 2022 

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