q1 please QUESTION 1Explain the four legal principles associated with insurance contracts in detail, stressing the importance of each.For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac).IUSParagraphArial10ptx' X,深T田田Thck Save and Submit to save and submit. Click Save All Ansuers to save all answers.

Insurance: It is a contract between two parties under which one party takes the responsibility to…

Answered: QUESTION 1 Explain the four legal…

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter10: Financial Statements And Reports

Section: Chapter Questions

Problem 2.2C

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TRUE OR FALSE 1. PFRS 4 SUPERSEDES PFRS 17 2.INSURANCE RISK WILL BE DEEMED SIGNIFICANTLY ONLY IF AN INSURED EVENT COULD CAUSE AN INSURER TO PAY SIGNIFICANT ADDITIONAL BENEFITS IN ANY SCENARIO 3.PFRS 17 APPLIES TO REINSURANCE CONTRACTS 4.AN ISURANCE CONTRACT CANNO CONTAIN MORE THAN 1 NON- INSURANCE COMPONENT
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QUESTION 1 Explain the four legal principles associated with insurance contracts in detail, stressing the importance of each.