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a. All statements are correct b. Only S2 is incorrect c. Only S3 is incorrect d. All statements are incorrect e. only S2 is correct f. only S3 is correct g. Only S1 is incorrect h. Only S1 is correct

a. All statements are correct b. Only S2 is incorrect c. Only S3 is incorrect d. All statements are incorrect e. only S2 is correct f. only S3 is correct g. Only S1 is incorrect h. Only S1 is correct

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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a. All statements are correct
b. Only S2 is incorrect
c. Only S3 is incorrect
d. All statements are incorrect
e. only S2 is correct
f. only S3 is correct
g. Only S1 is incorrect
h. Only S1 is correct
S1: Proportional reinsurance is a form or reinsurance where corporate is ceded on the basis of a contract between the ceding insurer and the reinsurer, whereby the ceding insurer agreed to cede and the reinsurer agrees to accept automatically the reinsurance of the risk written by the ceding insurer, which fall within the scope of the agreement, subject to the limits and terms specified therein. S2: Retrocession is a reinsurance assumed where the reinsurer will retrocede a whole or a part of the risk accepted from the direct insurer to another reinsurer. S3: Ceding insurer is an insurer that reinsures part of the whole of a risk with one or more reinsurance, the risk is considered as an inward reinsurance
Transcribed Image Text:S1: Proportional reinsurance is a form or reinsurance where corporate is ceded on the basis of a contract between the ceding insurer and the reinsurer, whereby the ceding insurer agreed to cede and the reinsurer agrees to accept automatically the reinsurance of the risk written by the ceding insurer, which fall within the scope of the agreement, subject to the limits and terms specified therein. S2: Retrocession is a reinsurance assumed where the reinsurer will retrocede a whole or a part of the risk accepted from the direct insurer to another reinsurer. S3: Ceding insurer is an insurer that reinsures part of the whole of a risk with one or more reinsurance, the risk is considered as an inward reinsurance
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