A bookkeeping account that is charged with actual or expected losses from a given exposure is an example of

When is a contingent liability is reported?   Select one: when the likelihood of the loss is reasonably possible and a range of outcomes can be estimated  when the future events will possibly occur, and the amount of the loss is material when the amount of the loss can be reasonably estimated when the likelihood of the loss is probable and the amount of the loss can be reasonably estimated

When estimating the loss reserves in car insurance, the ________________ is used to assign a loss value to each claim. This is because the individual loss amounts are insignificant while the number of claims is large. a. Judgment method b. Loss ratio method c. Average value method d. Tabular method

Which of the following is not an example of an asset? 
   Group of answer choices Supplies. Accounts receivable. Prepaid Insurance. Deferred revenues.

Differentiate between Current liabilities, Non-Current Liabilities and Provisions. Provide an example of each type. Why is it important to make this distinction?

The payment of a liability _____.

Answer

Which of the following would not be an appropriate subaccount for an Insurance Expense Account? Multiple Choice Auto Insurance Expense. Liability Insurance Expense. Rent Expense. Renter Insurance Expense.

Financial Accounting In insurance contracts, the risk adjustment reflects? a) Market risk only b) Credit risk only c) Uncertainty in future cash flows d) Historical claims experience