The Declarations Page Usually Describes Which of the Following Aspects

question 10

Multiple Choice

The declarations page usually describes which of the following aspects of liability?

• A) Limits
• B) Occurrence
• C) Incident
• D) Medical incident

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Definitions:

Salvage Value

An asset's projected financial value at the end of its viability period.

Depreciation Expense

An accounting method for allocating the cost of a tangible asset over its useful life, representing the asset's consumption, wear and tear, or obsolescence.

Straight-Line Method

The straight-line method is a depreciation technique that allocates an equal amount of depreciation expense for a fixed asset to each year of its useful life.

Salvage Value

The estimated market valuation of an asset following the end of its useful duration.