Theoverlay approach in insuranceaccountinga) Applies to designated financial assetsb) Is mandatory for all insurersc) Applies to all financial assetsd) Is prohibited

Explanation of Overlay Approach: The overlay approach is a specific accounting method that allows…

Answered: The overlay approach in insurance…

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter10: Protecting Your Property

Section: Chapter Questions

Problem 1LO

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te of insurand O D. policy form 21. What is the form that filled out by insured if a loss is suffered? * O A. Loss form B. Completion notes C. Endorsement D. Claim form 22. is the application document used for making the proposal.
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 consideration paid by insured in a contract of insurance. A. premium C. prepaid insurance B. insurance expense D. either B or C
C. Endorsement. D. Claim form. 17. The insurer will issue to the insured before completion of policy form. * O A. certificate of insurance B. cover note O C. renewal notice O D. completion notes 18. A warning on duty to disclose changes affecting the existing policy inspectic
Entity A obtains life insurance for its key employee from Entity B (an insurance company). Entity B cedes the insurance contract with Entity A to Entity C, another insurance company. How should Entity B account for the insurance contract with Entity C?A. using the modified version of the general model applicable for onerous insurance contractsB. using the general modelC. using a modified version of (a) or (b) applicable to reinsurance contracts heldD. using the premium allocation approach
C. Endorsement. O D. Claim form. 17. The insurer will issue to the insured before completion of policy form. * O A. certificate of insurance O B. cover note O C. renewal notice D. completion notes 18. A warning on duty to disclose changes affecting the existing policy inspection are sent to insured through
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…
The company selling the insurance policy is the _________________. a. Insurer b. Policy c. Premium d. Insured
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Identify how life insurance fund appears in the financial statements? a. The debit side of the revenue account b. The credit side of the revenue account c. The liability side of the balance sheet d. The asset side of the balance sheet
t3
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The overlay approach in insurance accounting a) Applies to designated financial assets b) Is mandatory for all insurers c) Applies to all financial assets d) Is prohibited