Connect Access Card for Advanced Financial Accounting
12th Edition
ISBN: 9781260165098
Author: Christensen, Theodore E., COTTRELL, David
Publisher: McGraw-Hill Education
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Chapter 16, Problem 16.11.10AE
To determine
Concept introduction:
Personal financial statement: Each partner is required to furnish personal financial statements to determine each partner’s personal solvency. A personal financial statement consists of a statement of financial condition or a personal balance, sheet and statement of change in net worth, or personal income statement. ASC 274 gives guidelines for the preparation of personal financial statements.
To choose: Correct answer to determine the reporting of an investment in life insurance policy
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12. Below are the features of the insurance policy under what types of life
insurance? *
Low initial premium due to the fact that coverage is temporary
Premium increase with each new term
O A. Term Life Insurance
O B. Whole Life Insurance
O C. Endowment Life Insurance
D. Investment-Linked Insurance
Which of the following is correct about the effect of a deductible with respect to the price of an insurance policy?
O A policy with a deductible will raise the premium. This will make the overall cost of insurance higher for policyholders who do
not have a claim, but lower for those with high claims
O A policy with a deductible will lower the premium. This will make the overall cost of insurance higher for policyholders who do
not have a claim, but lower for those with high claims
O A policy with a deductible will raise the premium. This will make the overall cost of insurance lower for policyholders who do
not have a claim, but higher for those with high claims
O A policy with a deductible will lower the premium. This will make the overal cost of insurance lower for policyholders who do
not have a claim, but higher for those with high claims
Loans are available from term life insurance policies.
a.
True
b.
False
Group of answer choices
True
False
Chapter 16 Solutions
Connect Access Card for Advanced Financial Accounting
Ch. 16 - What are the major causes of a dissolution? What...Ch. 16 - Prob. 16.2QCh. 16 - Prob. 16.3QCh. 16 - Prob. 16.4QCh. 16 - Contrast a lump-sum liquidation with an...Ch. 16 - Prob. 16.6QCh. 16 - Prob. 16.7QCh. 16 - Prob. 16.8QCh. 16 - Prob. 16.9QCh. 16 - Prob. 16.10Q
Ch. 16 - Prob. 16.11QCh. 16 - The installment liquidation process uses a...Ch. 16 - Prob. 16.13QCh. 16 - Prob. 16.14QCh. 16 - Prob. 16.15QCh. 16 - Cash Distributions to Partners Analysis The...Ch. 16 - Prob. 16.2CCh. 16 - Prob. 16.3CCh. 16 - Sharing Losses during Liquidation Research Hiller,...Ch. 16 - Prob. 16.1.1ECh. 16 - Prob. 16.1.2ECh. 16 - Prob. 16.1.3ECh. 16 - Prob. 16.1.4ECh. 16 - Prob. 16.1.5ECh. 16 - Prob. 16.1.6ECh. 16 - Prob. 16.1.7ECh. 16 - Prob. 16.2.1ECh. 16 - Prob. 16.2.2ECh. 16 - Prob. 16.2.3ECh. 16 - Prob. 16.2.4ECh. 16 - Prob. 16.2.5ECh. 16 - Prob. 16.2.6ECh. 16 - Prob. 16.3ECh. 16 - Prob. 16.4ECh. 16 - Prob. 16.5ECh. 16 - Prob. 16.6ECh. 16 - Prob. 16.7ECh. 16 - Prob. 16.8ECh. 16 - Confirmation of Cash Distribution Plan Refer to...Ch. 16 - Prob. 16.10ECh. 16 - Prob. 16.11.1AECh. 16 - Prob. 16.11.2AECh. 16 - Prob. 16.11.3AECh. 16 - Prob. 16.11.4AECh. 16 - Prob. 16.11.5AECh. 16 - Prob. 16.11.6AECh. 16 - Prob. 16.11.7AECh. 16 - Prob. 16.11.8AECh. 16 - Prob. 16.11.9AECh. 16 - Prob. 16.11.10AECh. 16 - Prob. 16.11.11AECh. 16 - Prob. 16.12AECh. 16 - Prob. 16.13PCh. 16 - Prob. 16.14PCh. 16 - Prob. 16.15PCh. 16 - Prob. 16.16PCh. 16 - Prob. 16.17PCh. 16 - Prob. 16.18PCh. 16 - Matching Terms Match the items in the left-hand...Ch. 16 - Prob. 16.20P
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Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- 13. Life insurance is necessary because it can provide (among other things) the benefits. Which of the following is the use of life insurance? * i. Income Fund Burial Expenses Mortgage ii. ii. iv. Education Fund O A. i, ii and ii O B. i, ii and iv O C. i, iii and iv O D. i, ii, iii and iv 14arrow_forward8. What is the difference between a copay and coinsurance? a. Copay is typically a percentage of the health care service, coinsurance is a flat fee b. Copay is typically a flat fee, coinsurance is a percentage of the health care service c. Copay is paid by the individual when receiving a health care service, coinsurance is paid by the insurance companyarrow_forwardHow does Life and Non Life Insurance can save or protect the assets of its policy holders? Cite at least 3 examples each.arrow_forward
- Q2) Which of the following statements is false? a. If there are changes to an individual’s circumstances, the retirement plan should be reviewed. b. When developing a retirement plan, one should ensure that he has contingency funds and sufficient insurance protection. c. To better achieve one’s retirement funding objectives, the funding plan should not be modified under any circumstances. d. Regular reviews on the plan should be conducted to ensure that the retirement funding objectives are met.arrow_forwardD4) Finance Explain why investees' ESG performance matters for insurers' investment profitability, and the methods to chooses the appropriate investees.arrow_forwardA Moving to another question will save this response. Question 20 Which of the following is NOT a major source of Medicare financing? A. trust fund interest B. payroll taxes C. income taxes D. capital gains taxes A Moving to another question will save this response.arrow_forward
- Mf3. (a) In relation to the underlying risk insured, explain why the use of funds differs for general insurance companies and life insurance companies. (b) Insurance companies manage funds as a part of the business of providing insurance. Describe another type of managed fund discussed in the course and explain how this differs from an insurance company. In your answer give an example of a source and use of funds for this managed fund.arrow_forward93 Questions DATE: 1. A fixed amount added to the premium of a given policy regardless of policy size is known as O a) policy fee O b) policy reserves O c) policy values O d) extra premium 2. To able to calculate the required premiums for a given policy, the agent must know the applicant's Oa) age O b) choice of plan O c) face amount desired O d) all of the above 3. To calculate premium for the other modes of premium payment, the annual premium is O a) divided by the desired number of premium b) divided by a conversion factor mode of payment desired payments O c) multiplied by a conversion factor for the mode of payment desired O d) multiplied by a constant conver 4. Life insurance is Ob) only available to a specific group O a) luxury afforded by the rich O d) a speculative risk O c) a cooperative risk-sharing planarrow_forwardWhich of the following items is required by the Life Insurance and Annuity Replacement Rule? A. A Notice Regarding Replacement of Life Insurance or Annuity B.A Notice Regarding Insurance Producer Compensation Schedule C.A Statement of Ethical Practices D. A Comparative Information formarrow_forward
- We said in our Risk Management and Insurance Planning course that Traditional/Non-Guaranteed Life Insurance could be thought of as a combination of Term Life insurance and the Cash Value account feature of Whole Life insurance. Which of the two components provides a death benefit/insurance payout if needed? Term Life component Cash Value account A combination of the Term Life component & Cash Value account None of the abovearrow_forwardWhich of the following is an arrangement by which one party promises to pay a sum of money to policyholder as protection against an adverse or unfavorable occurrence of event? a. Short Term Loans b. Fixed Deposit c. Insurance d. Investmentarrow_forwardDescribe a private insurance. what is it? Discuss the primary strengths and advantages, and weaknesses and disadvantages of the plan. how appealing is the plan to consumers? is it appealing to consumers?arrow_forward
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General Structure of an Insurance Contract; Author: The Business Professor;https://www.youtube.com/watch?v=Pg47GBpcykE;License: Standard Youtube License