Which of the following sections of a commercial general liability policy contains information about limits of insurance and premiums? Declaration Exclusion Condition Insuring agreement

Q: Which of the following are a type of insurance? (select all that apply) □ a. Performance Bond b.…

A: Insurance refers to a contract in the form of a policy between the insurance holders and insurance…

Q: At what point would it be necessary to purchase a Personal Liability Umbrella policy?

A: Umbrella policies are relatively inexpensive so they are worth the inevstment.

Q: What kind of insurance  forms may not be included in the comprehensive forms?

A: Insurance: Insurance is the protection against an individual or an asset for the financial losses…

Q: Distinguish between a determinable current liability anda contingent liability. Give two examples of…

A:

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: The recognition of certain nonfinancial liabilities (e.g., contingencies and environmental…

A: Provision is recognized for uncertain amounts and timings. Therefore, the meaning of probable is…

Q: Describe the Comprehensive General Liability Insurance?

A: Answer: Comprehensive general liability insurance is an old concept for general liability insurance,…

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: ain ONE key financial risk that an insurance company is exposed to. Explain the policies and…

A: Basic Concept of Insurance Financial risk in insurance and Mitigation

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: Type of long-term care policies Triggers to become eligible for benefits Exclusions

A: Point to be Noted:- Since you have asked questions with multiple sub parts. I will be answering…

Q: Which is not an essential characteristic of an insurance contract? A. transfer of significant risk…

A: Answer is A. transfer of significant risk from the issuer to the policyholder Explanation is given…

Q: 1. The significant risk that is transferred from the policyholder to the issuer of an insurance…

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

Q: Differentiate between the contract and concept of Takaful and Conventional Insurance

A: Insurance refers to the contract in which the insurer provides the risk protection facility to the…

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: Which of the following is an exception for application of IFRS 15? O Pharmaceutical contracts O All…

A: As Per IFRS 15, An entity shall apply this Standard to all contracts with customers, except the…

Q: In a Commercial General Liability policy, reasonable first aid expenses are paid regardless of fault…

A: Commercial general liability policy insures or protects the business against any unwanted damage to…

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: 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: Which statement/s is/are correct? S1 PFRS permits the introduction of an accounting policy that…

A: Insurance contracts mix options of each a money instrument and a contract. Additionally, several…

Q: Which of the following is not one of the groupings of insurance contracts under PFRS 17? A. those…

A: International financial reporting standard 17 or IFRS 17 deals with the standards relating to…

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: 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: Insuring clause in an Accident & Health policy states which of the following information? A. The…

A: There are different clause in the insurance policy that what is covered and what is not covered and…

Q: Company

A: Insurance is defined as a financial arrangement between the insured & the insurance company…

Q: Which of the following is an exception for application of IFRS 15? Oa. Insurance contracts. O b.…

A: Following are some exclusions from IFRS 15: Leases (IAS 17 or IFRS 16) Financial instruments and…

Q: explain the principles of classical immunization strategy to meet a single liability obligation

A: Immunization is referred to as a strategy to mitigate the chance that matches the duration of asset…

Q: Bond discount should be presented in the financial statements of the issue as a(n) Contra liability…

A: >Bond discount is recorded in the books of account as the difference between Face value of Bond…

Q: Which of the following is a characteristic of a current​ liability?   A. It is an avoidable…

A: Liabilities are classified into two types. 1. Current liabilities ; which are expected to be paid…

Q: 1. PFRS 17 allows and insurer to charge its accounting policies for insurance contract only if, as a…

A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…

Q: Indicate whether the statement is true or false, and justify your answer.The main advantage of a…

A: Given: The main advantage of a Cochrane insurance contract over a guaranteed renewable contract is…

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: The Director of Insurance has the power to. make reasonable insurance rules and regulations…

A: Insurance means a contract between two parties in which one party bears the risk of the other party…

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: 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: Which of the following is not one of the groupings of insurance contracts under PFRS 17? those that…

A: PFRS is accounting standard or approach related to insurance contracts. It means how an insurance…

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: what is the role of the Insurance Core Principles as it relates to underwriting risks, in the…

A: It is very important to evaluate and regulate the insurance supervision. There will be flaws in the…

Q: Which of Ike following statements is CORRECT about he Missialement of Age provision in a health…

A: The misstatement of age clause is the provision under the life insurance policy that clears the…

Q: Define contingent liability. What is the criteria to determine whether or not to report the…

A: Liability means the obligation to pay to the other parties by transferring the economic benefits…