Which of the Following Statements About the Definition of the Insured

question 28

Multiple Choice

Which of the following statements about the definition of the insured is (are) true?
I.In some cases,a person who is not specifically named may be classified as an insured.
II.Under no circumstances can more than one person be named as an insured.

• A)I only
• B)II only
• C)both I and II
• D)neither I nor II

---

Definitions:

Outstanding Checks

Checks that have been written and recorded in the payer's ledger but have not yet been cashed or processed by the recipient's bank.

Checks Presented

Refers to the cheques that have been submitted for payment by the payee to the bank but have not yet been cleared.

Checks Written

The act of creating checks as payments for expenses, purchases, or obligations by a business or individual.

Bank Reconciliation

The process of matching and comparing figures from banking statements with those in a company’s financial records to ensure accuracy.