Which of the following is NOT a business of life/non-life insurance firm? a. Property/casualty insurance  b. Deposit Insurance c. Automobile insurance d. Whole life insurance e. Death insurance  f.House insurance       a     b     c     d     e     f     x

Q: provides loans for prospective home buyers amount paid for an insurance policy provide financial…

A: The stock market functions according to the buyer and seller's transactions. All the price and…

Q: Which of the following accounts is considered a permanent or real account?A. Interest RevenueB.…

A: Financial Statements: Financial statements are an assortment of outline-level reports about an…

Q: When should a company report the cost of an insurancepolicy as an expense?a. When the company first…

A: Insurance expense refers to the cost of insurance i.e. insurance premium incurred. An insurance…

Q: The type of account and normal balance of prepaid insurance would be

A: An asset is a resource controlled by an entity from which future economic benefits flow to the…

Q: Match each account or description on the left with the appropriate classification on the right. v…

A: The contra-liability represents those accounts created by the management to set off the liability…

Q: The contract between insured and insurer is O a. Coverage O b. Face value Oc. Policy O d. Premium

A: Insurance means where insurance company agree to pay the specified amount to insured person in case…

Q: - Which of the following receivables is allocated for? A) Receivables from partners B) Receivables…

A: The correct option is  A) Receivables from partners

Q: b) Define deductible. c) What happens to your premium when the deductible is lowered? d) List three…

A: Honor code: Since you have posted a question with multiple sub-parts, we will solve the first three…

Q: d as being earned evenly over the period of the policy.

A: Given: To explain which statement is true or false as,

Q: Making insurance payments in advance is an example of: Select one: a. An accrued receivable…

A: Introduction: Balance sheet: All Assets and liabilities are shown in Balance sheet. It tells the…

Q: Which of the following is an example of liability of a business? a. prepaid insurance. b. cash. c.…

A: UNEARNED REVENUE : It is the revenue received in advance by a person or company before the delivery…

Q: Describe the different business models for Life Insurance Companies as compared to Property &…

A: Business Model of insurance corporations Like alternative businesses, insurance firms additionally…

Q: Is insurance company a financial institution? Why?

A: Financial Institution:-These are those companies that are engaged in the business dealing with…

Q: How is the account Prepaid Insurance classified and on which financial statement should it be…

A: Prepaid insurance is the portion of an insurance premium that has been paid in advance and has not…

Q: 1. The significant risk that is transferred from the policyholder to the issuer of an insurance…

A: ‘’Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: 1. What is the importance of insurance to an individual or a business? 2. Discuss the different…

A: Insurance policies- These are Insurance contracts that require a buyer to pay a small amount to the…

Q: Use the following information for the next three questions: Entity A, a manufacturing entity,…

A: PFRS 17 standard closely aligns with IFRS 17 which describes the insurance, reinsurance contracts in…

Q: Which of the following accounts is an liability? a. Bank deposit b. Prepaid insurance expense c.…

A: Current liabilities: Liabilities which have to be paid  within one year from the date of the balance…

Q: 1. (a) “Insurance is a method of reducing risk”. Justify the statement. Briefly discuss the various…

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: A payment made by the insurance company would be documented where? a.The progress note b.The…

A: Insurance company makes payments to the insured and these payments are documented as below.

Q: The company selling the insurance policy is the _________________. a. Insurer b. Policy c. Premium…

A: Insurance is a means of protection from financial loss.

Q: Which of the following statements is false? Multiple Choice O Prepaid insurance is a liability…

A: Current assets are those that provide future economic benefits and are realizable within a time…

Q: Which statement/s is/are correct? SI ABC, a manufacturer of appliances, approved to insure a…

A: The details which are related to the facts about the insurance and its contract as well.  Here…

Q: The expenses which do not vary with the amount of business written in insurance are called: a.…

A: Expenses are the payments that are made by the business to meet its obligations. The expenses can be…

Q: Which of the following people represents several insurance companies but owns the policy…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Required: a) Provide a definition for the term ‘current liability,’ (Refer to the relevant standard…

A: Statement of financial position is a statement which is used by stakeholders to analysis the net…

Q: Which of the following is an arrangement by which one party promises to pay a sum of money to…

A: Insurance is a contract between two parties where one party i,e policy holder pays a premium to…

Q: Insurance services are classified into two major groups: 1) life and 2) property-casualty. Select…

A: Insurance is a financial service offered by financial institutions to protect a person against any…

Q: i. In each of the above cases (1) to (4), use the 'independent liability' method to calculate the…

A: Insurance: Insurance can be defined as the contract between insurer and insured where the insured is…

Q: Which of the following would not appear in the asset section of an insurance company's balance…

A: Insurance company: For different forms of insurance coverage, insurance firms analyse the risk and…

Q: dissimilar to the other three options? d. Motor insurance b. Personal property insurance С. Life…

A: The answer for the multiple choice question and relevant explanation are presented hereunder :

Q: What is the main difference between stock life insurance companies and mutual life insurance…

A: Insurance companies are often organized as either a stock life company or a mutual company. In a…

Q: Classify each of the following accounts as an asset (A), liability (L), or equity (EQ) account.…

A: Assets are anything of significant worth that is possessed by people, organizations, and governments…

Q: ot included on the statement of owner's equity? a.Additional investments by t

A: The right answer is option d.Revenues

Q: In case of life insurance policies with profits, policy holders are given the right to participate…

A: Answer

Q: Which of the following account is considered as non-item of Owner Equity? Prepaid insurance. а.…

A: owners equity consists of -  common share capital  retained earnings  net profit

Q: Classify each of the following accounts as either an asset (A), liability (L), or equity (EQ)…

A: Meaning of Assets Assets are the items which a company holds in the view that it provides some…

Q: In terms of Business interruption insurance, the gross profit sum insured can be calculated on the…

A: The gross profit sum insured is calculated by deducting the purchase cost from the turnover. And…

Q: Entity A obtains life insurance for its key employee from Entity B (an insurance company). Entity B…

A: Account for Insurance Contract Here the actual facts which was incurred was Entity A can obtain life…

Q: How is the account Prepaid Insurance classified and on which financial statement should it be…

A: Financial statements: Financial statements are condensed summary of transactions communicated in the…

Q: Profits of the insurance business are shared with

A: Insurance business is a type of business in which company provides assurance to another company or…

Q: Advances from customers are classified as a(n) a. b. C. d. Select one: a. current asset. b. current…

A: Advance is the money which is given by one party (customer) in advance to the other party (other…

Q: Prepaid insurance is reported on the balance sheet as a?

A: If insurance permium is paid in adavance in current accounting period. Generally, it is divided in…

Q: Classify the accounts as either an asset (A), liability (L), or equity (EQ) account. Prepaid…

A: Owners’ equity: It is a owner's value and amount invested by an individual in the firm. It is…

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.