After Any Loss the Insured Must Do All of the Following

question 48

Multiple Choice

After any loss the insured must do all of the following except:

• A)call the police
• B)file an immediate notice of loss
• C)complete an inventory
• D)state the cause of the loss to the best of his knowledge

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Definitions:

Vendor Payment

Vendor payment refers to the process of paying suppliers or vendors for goods or services received by a business.

Journal Entries

Records of financial transactions in the accounting system, detailing the accounts and amounts affected by each transaction.

Reports Center

A dedicated area in accounting software where various types of financial reports can be generated, viewed, and analyzed.

Accountant & Taxes

Relates to the profession of accounting, focusing on managing financial records for tax preparation and compliance.