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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Which of the following is not an insurance management tool? Group of answer choices deductibles. screening of applicants. limits on insurance. restrictive covenants. signalling.
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
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…
Insurance services are classified into two major groups: 1) life and 2) property-casualty. Select one: True False
describing how the element of "risk" factors into the concept of insurance. cite a specific type of insurance policy and indicate how risk will play into the issuance of the insurance policy.
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Which of the following types of insurance does NOT involve a contract with an external party? a. self insurance b. directors and officers insurance c. property insurance d. life insurance
Describe the Comprehensive General Liability Insurance?
It pertains to a risk management technique when acquiring a life insurance. *risk avoidancerisk retentionrisk transferanswer not given
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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