Which of the following statements is CORRECT about perils in property insurance policies?a. a property insurance policy must contain a list of all covered perils.b. an HO-00-02 (HO-2) Form provides coverage for more perils than a HO-00-03 (HO-3) Formc. a peril is defined as the cause of lossd. a peril increases the chance of loss

In property insurance, a peril is indeed defined as the specific cause of loss or damage to…

Answered: Which of the following statements is…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Choose an alternative which shows the risk of material misstatement in the financial statements arising due to error or omission as a result of lapse of control? a. Control risk b. None of the options c. Detection risk d. Inherent risk
Which of the following statements BEST describes the purpose of a Deability income policy? A It is used to pay for hospital, medical, and surgical expenses if a senous disability occurs. It is designed to supplement Medicare Part A benefits It is used to pay for an insured's normal living expenses if the insured becomes disabled It is designed to supplement Workers' Compensation benefits B D.
In most life insurance applications, the largest amount of information requested is data which A) Identifies the applicant B) Describes the type of insurance applied for Relates to the insurability of the applicant D) Describes the desired benefits and mode of payment
Statement 1: A warranty is a written guarantee issued to the purchaser of an article by its manufacturer, promising to repair or replace it if necessary, within a specified period of time. Statement 2: Estimated warranty liabilities can be accounted for under accrual and expense as incurred approach. Both statements are correct. Only the second statement is correct. Neither of the statement is correct. Only the first statement is correct.
Which of the following statements BEST describes the purpose of a teability Income policy? A It is used to pay for hospital, medical, and surgical expenses if a senous disability occurs It is designed to supplement Medicare Part A benefits It is used to pay for an insured's normal living expenses if the insured becomes disabled It is designed to supplement Workers' Compensation benefits B C OD.
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1. What policy would be used to cover your friends injuries if you drive off the road in an accident? A.Your friends liability bodily insurance. B.Your friends personal injury C. The drivers "medical" policy D. The drivers liability bodily Insurance 2. Which of the following statements using key insurance terms is true? A. As your coverage limits increase your premiums decrease B. As your coverage limits increase your premiums increase. C. As your coverage limits decrease your premium increases. D. As your deductibles increase your premium increases
The preliminary stage consists of what is termed the engagement activity. It is the stage where the auditor decides to accept or not accept an audit engagement. Hence, it takes place before an audit engagement is accepted. Some of the activities of an auditor at this stage are inclusive of establishing an understanding of the terms of the engagement, checking for their client’s compliance with ethical requirements relating to the engagement, checking for their client’s integrity, determine whether the client can be appropriately serviced and performing procedures to determine whether the client or the audit firm wishes to establish or continue the audit relationship. QUESTION 3 You are required to discuss the steps, which are involved in the preliminary stage of the audit process.
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What happens when an employee records a fictitious refund of goods at his cash register? a. A disbursement from the register is unrecorded. b. The victim company’s inventory is unreported, and a disbursement from the register is overstated c. The victim company’s inventory is overstated, and a disbursement from the register is recorded. d. The victim company’s inventory is understated.

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