Compute the amount of the loss as a result of the fire,

Q: Define Restoration costs.

A: Restoration means the act of renewing or repairing something.

Q: A __________ __________ is a part of a fire insurance policy that requires the policyholder to…

A: The word "replacement cost" refers to the expense of replacing or repairing damaged or destroyed…

Q: ne purpose of casualty policy’s condition section is to list the property that is to be covered…

A: Casualty policies are taken to prevent the the company from liabilities arising out of damage or…

Q: What are the benefits and costs of renovation?

A: Introduction: Renovation is the improvement process in which upgrades and repair of the property are…

Q: What disclosures are required for remote likelihood of losses?

A: Likelihood of losses means chance of occuring loss in some future events of the business. Likelihood…

Q: Define the term Estimated salvage value?

A: Estimated salvage value It is the evaluated book value of an asset after depreciation is finished,…

Q: Losses due to destruction of personal property are covered by (choose the best answer) Personal…

A: Personal insurance : It is the insurance against risk or person's life , health etc. Life insurance…

Q: Loss severity is the expected number of losses that will occur within a given period of time while…

A: Loss severity refers to the potential size or financial damage of a loss, while loss frequency…

Q: scuss insurance costs and unreimbursed losses

A: Defining and discussing  the terms, Insurance Cost and unreimbursed losses, both the terms are used…

Q: What type of property insurance would cover injury to a repairperson on your property?  A.…

A: Given, A. Meaning of additional living expenses coverage,  It is a important part of the maximum…

Q: What statement is loss of sold equipment on?

A: Loss on sale of Equipment is a non operating loss. Such losses are shown in Income Statement after…

Q: Distinguish between ordinary repairs and extraordinaryrepairs. How is each accounted for?

A: Ordinary repairs:   These costs are incurred to maintain the long-term asset in good condition for…

Q: Define and discuss survivorship bias and selection bias, and how they affect reported returns of…

A: Survivorship bias is a type of bias in which a person has a tendency to view the performance of…

Q: What is important for a MACRS to consider at the time of disposal?

A: MACRS stands for Modified Accelerated Cost Recovery System. These are the regulations of…

Q: when determining the value of a building for insurance purposes which of these is not a

A: Insurance is a financial arrangement where individuals or entities pay premiums to an insurer in…

Q: The depletion expense is

A: Depletion: It refers to the process of proportionately distributing the cost of the extracting…

Q: How to calculate operating loss?

A: A net operating loss is occurred when the gross deductions are more than its total income of the…

Contingent Liabilities and Provisions

A contingent liability can be defined as a liability the occurrence of which is dependent upon the happening of an uncertain future event. It is generally recorded in the books only when the amount of liability can be reasonably estimated and the contingency is likely to occur shortly.