Unearned premium refunds for insurance policies cancelled when an insurance company is covered by the Illinois Insurance guaranty fund is subject to a MAXIMUM premium refund of what amount? A.$ 100.00 B.$ 1000.00 C.$10,000.00 D.$ 100,000.00
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Unearned premium refunds for insurance policies cancelled when an insurance company is covered by the Illinois Insurance guaranty fund is subject to a MAXIMUM premium refund of what amount?
A.$ 100.00
B.$ 1000.00
C.$10,000.00
D.$ 100,000.00
Step by step
Solved in 2 steps
- when reinstating a policy an insured must provide the insurer with which of the following: A. Payment of unpaid pre at rate not exceeding 6% per annum B. Payment of unpaid pre at rate not exceeding 8% per annum C. Payment of unpaid pre at rate not exceeding 9% per annum D. Payment of unpaid pre at rate not exceeding 10% per annumPaid the premium on a 1-year isurance policy 4800H1. Account
- Vacation Pay and Pension Benefits Harvey Company provides its employees with vacation benefits and a defined benefit pension plan. Employees earned vacation pay of $47,800 for the period. The pension formula indicated a pension cost of $345,220. Only $299,500 was contributed to the pension plan administrator. Required: a. Provide the journal entry for the vacation pay. If an amount box does not require an entry, leave it blank. 8 b. Provide the journal entry for the pension benefit. If an amount box does not require an entry, leave it blank. 18In Queensland, the stamp duty payable on a general insurance policy of $100,000 with a premium of $1,000 p.a. is: Select one: a. $20 b. $90 c. $66 d. $80 e. $10056. The premium on a three- year insurance policy expiring on December 31, 2023, was paid in total on January 1, 2021. The original payment was initially debited to a prepaid asset account ( prepaid insurance). The appropriate entry on December 31, 2021, to recognize the expiration of one year of the policy would be a Dr. Insurance Expense (2/3 of original payment); Cr. Prepaid Insurance (1/3 of original payment) b Dr. Insurance Expense (1/3 of original payment); Cr. Prepaid Insurance (1/3 of original payment) c Dr. Prepaid Insurance (1/3 of original payment); Cr. Insurance Expense (1/3 of original payment) d Dr. Prepaid Insurance (2/3 of original payment); Cr. Insurance Expense (2/3 of original payment)
- ABC Insurance offer term life insurance under the following terms: Guaranteed renewal Cover to age 75 Sum insured remains constant The indicative monthly premiums for $1 million coverage are as follows: Age 21 to 34 35 to 39 40 to 44 45 to 49 50 to 54 Non-smoker $101 $112 $148 $223 $387 Smoker $161 $225 $285 $485 $808 Why do the premiums increase as the age of the insured increases? In percentage terms, approximately how much more expensive is term life insurance for a smoker than a non-smoker? If the renewal of the policy was at the discretion of the insurer, would you expect the premiums to be higher or lower? Why? If the sum insured was indexed to CPI, would you expect the premiums to be higher or lower? Why? If the term of the insurance was to age 65 rather than age 75, would you expect the premiums to be higher or lower? Why? Andrea and her husband are both 45, non-smokers and considering term life insurance. Ashleigh…nku.3Show the solutions please. Thankyou
