Which One of the Following Explains the Effect of a Co-Insurance

question 103

Multiple Choice

Which one of the following explains the effect of a co-insurance clause?

• A) A co-insurance clause provides for more than one person paying the premium.
• B) A co-insurance clause provides for the insurance claim to be split between two or more beneficiaries.
• C) A co-insurance clause provides for the insured to assume part of the responsibility for any loss.
• D) A co-insurance clause provides for several different properties being insured under the same policy.
• E) A co-insurance clause provides for the insurance company arranging their own insurance on a large policy.

Recognize the significance of the sequence of acquisitions in consolidation processes.

Assess the implications of profit attribution to non-controlling interests in consolidated financial statements.

Understand the structural features of the nephron and their specific functions in urine formation.

Recognize the physiological processes involved in urine concentration and dilution.

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Definitions:

Reconciling Items

Entries that are made to adjust the books of accounts in order to ensure that two sets of records (usually the bank statement and the company's records) are in agreement.

Adjusting Journal Entry

An entry made in the accounting records at the end of an accounting period to allocate income and expenditure to the appropriate period.

Deferred Revenue Account

An account on the balance sheet that represents payment received by a company for goods and services not yet delivered or rendered, considered a liability.

Liability Account

A liability account is a financial reporting account that is used to record obligations or debts that a company owes to others, such as loans, accounts payable, or mortgages.