Discuss SEVEN (7) factors affecting Life insurance premium. Please provide justification for each of the factors.

Q: Explain the four legal principles associated with insurance contracts in detail, stressing the…

A: Insurance is a contract, represented by a policy, in which a person or entity receives financial…

Q: Identify how life insurance fund appears in the financial statements? a. The debit side of the…

A: Life Insurance Fund- It is a fund which helps the entity in making payment for its obligation which…

Q: Which of the following are a type of insurance? (select all that apply) □ a. Performance Bond b.…

A: Insurance refers to a contract in the form of a policy between the insurance holders and insurance…

Q: Compare whole-life and term insurance.

A: Insurance is a legal agreement between an insurer (insurance company) and an insured person.

Q: 2. Describe "insurance premium" in your own words.

A:

Q: 6) Name and define the three parts of an insurance calculation charges?

A: Insurance is a contract, represented by a policy, in which a person or entity receives financial…

Q: Explain the four legal principles associated with insurance contracts in detail, stressing the…

A: Insurance is a contract, represented by a policy, in which a person or entity receives financial…

Q: Describe the Comprehensive General Liability Insurance?

A: Answer: Comprehensive general liability insurance is an old concept for general liability insurance,…

Q: tax applicable to Life Insurance Premiums.

A: Life Insurance Premium: Life insurance premiums are amount we have to pay for availing the life…

Q: Define insurance expense.

A: Expense: It refers to the cost incurred by a business to generate revenues in their business…

Q: eneral insurance policies are usually taken for :

A: General insurance is an insurance cover that compensates for any financial loss other than death,…

Q: in insurance terminologies this means that a life insurance policy has been paid and active?

A: In insurance terminology premium means that a life insurance policy has been paid and active.

Q: What are two types of insurance and their characteristics.

A: Insurance is a financial product or service that provides protection against financial losses due to…

Q: Define the term prepaid insurance.

A: Prepaid expenses: Advance payment for future expenses is called as prepaid expenses. These prepaid…

Q: risk" factor

A: Risk is a term that shows the possibility of injury or loss to the health, business, vehicle, etc.…

Q: After the expiry of the policy period On the death of the insured or on the expiry of policy period…

A: Insurance means where insurance company agree to pay the specified amount to insured person in case…

Q: 20. The written insurance document that may include all clauses, exception and conditions is called…

A: The written insurance document that may include all clauses, exception and conditions is called…

Q: Describe the Investments in Life Insurance Policies.

A: Life Insurance policies are to provide financial support to the beneficiaries and dependents after…

Q: dissimilar to the other three options? d. Motor insurance b. Personal property insurance С. Life…

A: The answer for the multiple choice question and relevant explanation are presented hereunder :

Q: Under IFRS 4, what are the three important elements of an insurance

A: IFRS 4 - Insurance contracts refers to international financial reporting standard on insurance…

Q: What will making a prepayment for insurance have the effect of?

A: The insurance paid in advance means the expense has been paid but it is not due yet.

Q: explain five different parts of an insurance contracts and what purpose each serves. Give examples…

A: A contract for insurance is a legally binding agreement between two parties, one of whom is known as…

Q: Which of the following items is required by the Life Insurance and Annuity Replacement Rule? A. A…

A: The answer is stated below:

Q: Discuss in a report of , the following points:       1- Concept and types of insurance with a…

A: Insurance is basically a contract between two parties in which one party called insurance company…

Types of Insurance Contract

Insurance is a contract wherein an individual or entity gets financial protection from the insurance company for any damages or losses incurred. The individual or entity is called the insured, whereas the insurance company is called the insurer. The insured and the insurer enter a legal contract for a fixed term called the insurance term, and the contract is called an insurance policy.