Find out Problem 3.3The Contractual Service Margin in insurance contracts is:1) Recognized immediately as profit2) Released over the coverage period3) Added to insurance liability4) Expensed as incurred

The Contractual Service Margin (CSM) in insurance contracts is a key component in the measurement of…

Answered: Problem 3.3 The Contractual Service…

Auditing: A Risk Based-Approach to Conducting a Quality Audit

10th Edition

ISBN:9781305080577

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter16: Advanced Topics Concerning Complex Auditing Judgments

Section: Chapter Questions

Problem 41RSCQ

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Problem 3.6[4 Points] Financial Accounting The Contractual Service Margin in insurance contracts is: a) Recognized immediately as profit b) Released over the coverage period c) Added to insurance liability d) Expensed as incurred
_____ is a contract that involves compensation for specific potential future losses in exchange for periodic payments and that provides for the transfer of the risk of a loss, from one entity to another, in exchange for a premium. a.Spot contract b.Insurance c.Hedging d. Forward contract
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Sub: Accounting
Accounting problem
When should a company report the cost of an insurancepolicy as an expense?a. When the company first signs the policy.b. When the company pays for the policy.c. When the company receives the benefits from thepolicy over its period of coverage.d. When the company receives payments from the insurance company for its insurance claims.
Question- The contact asset
A payment made by the insurance company would be documented where? a.The progress note b.The superbill c. The ledger D. The claim
C. Claim form D. Policy form 20. The written insurance document that may include all clauses, exception and conditions is called O A. endorsement O B. claim form O C. certificate of insurance O D. policy form 21. What is the form that filled out by insured if a loss is suffered? *
The practice of recording advance payments from customers as a liability is an example of applying the O Going concern assumption. O Monetary unit assumption. O Historical cost principle. Revenue recognition principle.
QUESTION 27 The price per unit of insurance is called the O premium. O loss adjustment expense. rate. loss reserve.
What does the insurer agree to pay for in addition to covering losses in an insurance policy? Services such as investigating claims and defending the insured The entire policy limit Premium costs for the policy period Only losses below the deductible

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Problem 3.3 The Contractual Service Margin in insurance contracts is: 1) Recognized immediately as profit 2) Released over the coverage period 3) Added to insurance liability 4) Expensed as incurred