The consideration paid by insured in a contract of insurance.A. premiumC. prepaid insuranceB. insurance expense D. either B or C

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

Answered: he consideration paid by insured in a…

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter8: Insuring Your Life

Section: Chapter Questions

Problem 1LO

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Similar questions

The contract between insured and insurer is ______________. a. Coverage b. Premium c. Policy d. Face value
The company selling the insurance policy is the _________________. a. Insurer b. Policy c. Premium d. Insured
Insurance policies form the basis of an insurance company’s ________________. a. Financial securities b. Financial liabilities c. Financial assets d. Net policy reserves
When should a company report the cost of an insurancepolicy as an expense?a. When the company first signs the policy.b. When the company pays for the policy.c. When the company receives the benefits from thepolicy over its period of coverage.d. When the company receives payments from the insurance company for its insurance claims.
The type of account and normal balance of prepaid insurance would be A. Asset, credit B. Asset, debit C. Contra asset, credit D. Contra asset, debit
Prepaid insurance is reported on the balance sheet as a a.long-term liability b.current asset c.current liability d.fixed asset
Making insurance payments in advance is an example of: Select one: a. An accrued receivable transaction. b. A prepaid expense transaction. C. An unearned revenue transaction. d. An accrued liability transaction.
How is the account Prepaid Insurance classified and on which financial statement should it be recorded? Group of answer choices current asset, balance sheet current liability, balance sheet expense, income statement revenue, income statement
describing how the element of "risk" factors into the concept of insurance. cite a specific type of insurance policy and indicate how risk will play into the issuance of the insurance policy.
Prepaid insurance is reported on the balance sheet as a?
Which of the following sections of a commercial general liability policy contains information about limits of insurance and premiums? Declaration Exclusion Condition Insuring agreement
Classify the accounts as either an asset (A), liability (L), or equity (EQ) account. Prepaid Insurance

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he consideration paid by insured in a contract of in - premium C. prepaid insurance insurance expense D. either B or C