GA PROPERTY & CASUALTY (20)

The PRIMARY function of an umbrella liability insurance policy is to provide coverage for   • A. personal property damage caused by inclement weather.   B. legal claims that exceed the policyholder's primary liability insurance limits.   C. multiple dwellings and vehicles under a single insurance policy.   D. vehicles that are either rented or borrowed by the policyholder.

33. the commercial package policy declarations contain interlines enduements cause of loss forms common policy conditions d description of the property insured

3378 The insurer's promises of protection to the insured are contained in which of the following parts of a policy? a. declarations b. conditions c. insuring agreement d. exclusions   3379 Which of the following Homeowners policies provides coverage for damage caused to a roof by the weight of accumulated ice and snow? a. HO-0 Form b. HO-1 Form c. HO-2 Form d. HO-4 Form

Which of the following factors cannot be used to determine an insurer's limit of liability on property coverage? O A. Actual cash value Replacement cost Salvage value Policy limits OB. O C. D. Whiteboard

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Match (by letter) the correct reporting method for each of the items listed below. Reporting MethodC. Current liabilityL. Long-term liabilityD. Disclosure note onlyN. Not reported Item_____    1. Accounts payable._____  2. A contingent liability that is probable of occurring within the next year and can be estimated._____  3. A contingent liability that is reasonably possible of occurring within the next year and can be estimated._____    4. Current portion of long-term debt._____    5. Sales tax collected from customers._____    6. Notes payable due in two years._____    7. Customer advances._____    8. Commercial paper._____    9. Unused line of credit._____  10. A contingent liability that is probable of occurring within the next year but cannot be estimated.

Which of the following is a condition of a commercial general liability policy? Intentional act Premium audit Liquor liability Employers liability

1. Which of the following is not an essential characteristic of a liability?a. Legal enforceabilityb. Present obligation to third partiesc. Involves future sacrifice of economic benefitsd. Past activity 2. An example of an item which is not a liability isa. The portion of a long termdebt due within one yearb. Estimated warranty costsc. Dividends payable common shares of the issuing corporationd. Customers’ deposits 3. Which of the following statements relating to the recognition of liabilities is falseI. Liabilities are recognized when obligations to transfer assets or provide services in the future are incurred in exchangesII. Liabilities arising from non-reciprocal transfers are recognized when the corresponding money, goods, or services are received.III. Mutually unexecuted contracts are generally not recognized as accounting liabilitiesa. I only c. I and II onlyb. II only d. I, II, and III 4. The following statements relate to liabilities. Which statement is true?I. Liabilities may…

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The accrual of restructuring costs creates obligations (liabilities) referred to as exit or disposal cost obligations. Required: 1. Obtain the relevant authoritative literature on exit or disposal cost obligations using the FASB Accounting Standards Codification. You might gain access at the FASB website (asc.fasb.org). What is the Codification topic number that addresses this issue? 2. What is the specific citation that addresses the initial measurement of these obligations? 3. How are these obligations and related costs to be measured? 4. What is the specific citation that describes the disclosure requirements in the notes to the financial statements for exit or disposal obligations? 5. List the required disclosures.

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