A payment made by the insurance company would be documented where? a.The progress note b.The superbill c. The ledger D. The claim

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: Insurance premium paid in advance to insurance company is an example of: a. Outstanding expense b.…

A: Insurance premium is an expense for the company

Q: What are the performance measures of an insurance company?

A: Insurance is a contract in which an individual or business receives financial protection or…

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: 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: What adjusting journal entry is required to record accrued liabilities?

A: Accrued liabilities: Accrued liabilities means that the amount will be paid in the future period for…

Q: What is the role of Insurance company?

A: Answer no 3. Insurance companies are a part of financial system and considered as a safeguard the…

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: The balance of Prepaid Insurance, representing the cost of insurance that remains paid in advance,…

A: Prepaid insurance is a part of current assets that should be recognised as current asset in the…

Q: in insurance terminologies this means that a life insurance policy has been paid and active?

A: In insurance terminology premium means that a life insurance policy has been paid and active.

Q: QUESTION 13 The primary function of an actuary is to adjust claims. determine premium rates.…

A: Actuary: An actuary is a specialized professional who analyses financial risks by by using…

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: Describe how the insurance company's solvency and management status are evaluated.

A: The term insurance company is used to describe a company that writes insurance policies, pays…

Q: Prepaid insurance is reported on the balance sheet as a a.long-term liability b.current asset…

A: The balance sheet is the financial statement and has two sides as assets and liabilities.

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

A: Financial Accounting:   It refers to the process of recording the financial transactions of the…

Q: The adjusting entry that reduces the balance in Prepaid Insurance will also * ?include which of the…

A: Adjusting journal entry: At year-end when the company finalizes its accounts then any unrecognized…

Q: An insurance refers to a signed agreement between the insured and the insurer. a. Security b.…

A: In Insurance there are two parties, Insurer and Insured

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: An insurance refers to a signed agreement between the insured and the insurer. O a. Certificate O b.…

A: Insurance policies are beneficial to people as it provides cover against uncertainties, significant…

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: What type of information is entered for insurance and why is insurance important?

A: Insurance is a way to protect oneself from financial loss. It is a type of risk management that 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: Identify the normal balance (debit [Dr] or credit [Cr]) for each of the following accounts. Prepaid…

A: All assets, expenses accounts normally have debit balance, all liabiliies, revenue, capital accounts…

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: Explain the relationship between substantive tests of transactionsfor the acquisition and payment…

A:

Q: Define accrued liabilities. What adjusting journal entry is required to record accrued liabilities?

A: The accrued liabilities means that the amount will be paid in the future period for the expenses…

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: C. POS codes tell the insurance company where the services were provided.

A: As per our instructions we provide the solutions to only accounting related questions only under the…

Q: Insurance premium paid in advance to insurance company is an example of: a. Outstanding expense b.…

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

Q: Which of the following would NOT be shown in the Statement of Profit or Loss? Expired portion of…

A: Income statement shows the income earned and loss incurred by the organization in the financial…

Q: he consideration paid by insured in a contract of in - premium C. prepaid insurance insurance…

A: The insurance companies do different kind of insurance for the companies depending on the risk and…

Q: Recorded an adjusting journal entry for the portion of insurance coverage

A: Adjusting entry means where some adjustment need to be made at the end of specified period for…

Q: Choose the correct. How are anticipated administrative expenses reported on a statement of financial…

A: Statement of financial affairs:   Statement of financial affairs refers to a statement of assets and…

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: Unexpired portion of insurance premium

A: Unexpired portion of insurance premium occurs when the entity pays insurance premium in advance and…

Q: How do insurance companies calculate their premiums?

A: Insurance guarantees payment of a stated benefit after completion of a defined period. After expiry…

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: Discuss in a report of , the following points:       1- Concept and types of insurance with a…

A: Insurance is basically a contract between two parties in which one party called insurance company…

Types of Insurance Contract

Insurance is a contract wherein an individual or entity gets financial protection from the insurance company for any damages or losses incurred. The individual or entity is called the insured, whereas the insurance company is called the insurer. The insured and the insurer enter a legal contract for a fixed term called the insurance term, and the contract is called an insurance policy.