Contingent liability - Study guides, Class notes & Summaries

What is the underwriter's goal? - Answer- To write a book of business in which the actual losses approximate the expected losses. Gertrude is going to become an insurance agent. She would like to work in an agency that represents many different insurance companies. Gertrude will go to work for a(n) - Answer- Independent agency When a client suffers a loss, MegaInsurers is expected to respond promptly to settle the resulting claim. Depending on the line of insurance, claim costs generally ...

EMD Test Questions and Answers 100% Pass All actual response assignments and emergency modes are: A. dictated by the IAEMD council of standards. B. listed on the MPDS response grid. C. predetermined by local medical control and EMS administration. D. Determined by individual EMD's based on the specific needs of each case. C. Predetermined by local medical control and EMS administraton. Medical professionals and communications experts from around the world contribute to the ongoing developm...

AINS 103 (Latest 2023/ 2024 Update) Exploring Commercial Insurance Exam Practice Questions and Verified Answers| 100% Correct| Grade A Q: Joe Motors, which services automobiles, wants to maintain the goodwill of its customers. This is best accomplished by Select one: A. Purchasing garage liability insurance. B. Purchasing garage keepers insurance. C. Lowering the physical damage deductible under its business auto insurance. D. Raising liability limits under its business auto insurance. ...

IAS 37 Study Provisions, Contingent Liabilities and Contingent Assets Exam False - ANSWERSThis Standard shall be applied by all entities in accounting for provisions, contingent liabilities and contingent assets, except: (a) those not resulting from executory contracts, except where the contract is onerous; and (b) [deleted] (c) those covered by another Standard. par. 1 False - ANSWERSThis Standard does not apply to financial instruments (except guarantees) that are within the sco...

Test Bank for Auditing: A Practical Approach, 4th Canadian Edition 4ce by Robyn Moroney, Fiona Campbell, Jane Hamilton, Valerie Warren. ISBN-13: 9480 Full Chapters test bank included 1 Introduction and Overview of Audit and Assurance 1-1 1.1 Auditing and Assurance Defined 1-4 1.2 Demand for Audit and Assurance Services 1-6 1.2.1 Financial Statement Users 1-6 1.2.2 Sources of Demand for Audit and Assurance Services 1-7 1.2.3 Theoretical Frameworks 1-8 1.2.4 Demand in a Vol...

Promulgated Contract Forms Practice Test Questions With All Correct Answers Elements of a Valid and Enforceable Contract - CORRECT ANSWERS 1. Competent Parties 2. Offer and Acceptance (mutual consent) 3. Legal Purpose 4. In Writing 5. Consideration Valid Contract - CORRECT ANSWERS A contract that meets all the requirements of law. Void Contract - CORRECT ANSWERS A contract having no legal force or binding effect...

CA Life Accident & Health Questions And Answers With Verified Solutions nsurance is defined as? A contract whereby one undertakes to indemnify another against loss, damage, or liability arising from a contingent or unknown event. A written instrument in which a contract of insurance is set forth is the? An agreement between the insurer and the insured, the person who is covered by the insurance, is established in a legal document referred to as a contract of insurance policy Loss is? defin...

CIC - Commercial Casualty Institute Latest Update Graded A+ Identify the Specific Rights & Responsibilities of the First Named Insured (Objective #1) 1- Cancel Policy 2- Receive Notice of Cancellation 3- Make Changes to Policy (with Insurer Consent) 4- Payment of Premiums 5- Payee for Returned Premium Compare and Contrast the Occurrence Form with the Claims Made Form, as to what activates coverage (Learning Objective #2) Occurrence Form: - BI/PD must occur during the policy perio...

1 Can a lender, as a condition of making a loan, require that any insurance be placed through a particular insurance agent or broker? - ANSWER-The loan recipient may always select a particular agent or broker of their choosing 2 A claimant can be any of the following EXCEPT - ANSWER-EXCEPT a person who is conducting an investigation of a claim on behalf of an insurer 3 All of the following are to be specified in an insurance policy EXCEPT - ANSWER-EXCEPT the financial rating of the insured...

CIC - Commercial Casualty Institute Exam Questions and Answers 100% Correct Identify the Specific Rights & Responsibilities of the First Named Insured (Objective #1) - Correct Answer ️️ -1- Cancel Policy 2- Receive Notice of Cancellation 3- Make Changes to Policy (with Insurer Consent) 4- Payment of Premiums 5- Payee for Returned Premium Compare and Contrast the Occurrence Form with the Claims Made Form, as to what activates coverage (Learning Objective #2) - Correct Answer ️️ -...