ANSWER Problem 3.6[4 Points] Financial AccountingThe Contractual Service Margin in insurancecontracts is:a) Recognized immediately as profitb) Released over the coverage periodc) Added to insurance liabilityd) Expensed as incurred

Explanation of Contractual Service Margin (CSM):The Contractual Service Margin represents the…

Answered: Problem 3.6[4 Points] Financial…

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter15: Preparing Adjusting Entries And A Trial Balance

Section15.1: Planning Adjusting Entries

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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
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Problem 3.3
QUESTION 27 The price per unit of insurance is called the O premium. O loss adjustment expense. rate. loss reserve.
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? *
_____ 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
1. The significant risk that is transferred from the policyholder to the issuer of an insurance contract is:a. Lapse or persistency riskb. Financial riskc. Expense riskd. Insurance risk2. Under the general model of PFRS 17, a group of insurance contracts is initially measured at:a. The fulfillment cash flowsb. The contractual service marginc. Either a or bd. Both a and b3. A group of insurance contracts is subsequently measured at:a. The liability for remaining coverageb. The liability for incurred claimsc. Either a or bd. Both a and b4. According to PFRS 17, an insurance contract is NOT derecognized when:a. Expiredb. Terms have been modified, and the modification is not substantivec. Terms have been modified, and the modification is substantived. Extinguished5. According to PFRS 17, an accounting service result is recognized in:a. Profit or lossb. Other comprehensive incomec. Statement of financial positiond. Partly in profit or loss, and partly in other comprehensive incomeUse the…
8. What type of account is "Prepaid Insurance"? ⚫ a) Expense . ⚫ b) Liability . . c) Asset d) Revenue
The company selling the insurance policy is the _________________. a. Insurer b. Policy c. Premium d. Insured
29 When a liability is paid, which account should be credited? A, Cash B.Accounts payable C. Expense D. Accounts receivable
Question 3 The formal document that outlines the payment schedule and the rights of both the lender and the borrower is: the acceleration clause. the note. the insurance agreement clause. the recourse clause.

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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