33. the commercial package policy declarations contain interlines enduements cause of loss forms common policy conditions d description of the property insured
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- 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. Whiteboardte of insurand O D. policy form 21. What is the form that filled out by insured if a loss is suffered? * O A. Loss form B. Completion notes C. Endorsement D. Claim form 22. is the application document used for making the proposal.Explain the conditions under which assets and liabilities are derecognized
- What disclosure is required for a probable loss contingency?One purpose of casualty policy’s condition section is to list the property that is to be covered list the perils that are to be insured against provide for extension of coverage specify the insured responsibilities in the event of lossActuarial (Remeasurement) gains and losses are reported as OCI as they occur using a. U.S. GAAP. b. IFRS. c. Both U.S. GAAP and IFRS. d. Neither U.S. GAAP nor IFRS.
- Under a property policy, insurable interest must exist at which of the following times? when the policy is issued at the time of a loss at any time prior to a loss continuously through the policy periodIncludes claims to specific assets in the event of default Group of answer choices Secured Unsecured Increases Asset Increases LiabilityQuestion 3. Classify each of the following accounts as (a) asset, (b) liability, or (c) equity. a.→Defined benefit obligation b.→Plan asset c.→Right-of-use asset d.→Contract asset e.→ Unearned revenue f.→ Deferred tax asset g.→Accumulated other comprehensive losse
- Which of the following would not be considered a general long term liability?Select one:a. Long term promissory notesb. Long term portion of judgementc. Unfunded compensated absencesd. Unfunded rent obligationThe co-owner of an immovable property has a right to exercise A. pre-emption B. Redemption C. Legal Redemption D. Conventional redemptionIf certain conditions are met, which of the following properties could be classified as section 1231 property? A. Stock. B. Inventory. C. Accounts Receivable. D. Computer. E. None of the above.