The Manner of Recognizing Revenue on Insurance Contracts Is Unique

question 55

True/False

The manner of recognizing revenue on insurance contracts is unique for the insurance industry.In general,the duration of the contract governs the revenue recognition.

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Definitions:

Agricultural

Pertaining to farming or the cultivation of plants and animals to produce food, fiber, medicinal plants, and other products.

Industrial

Pertaining to the production of goods in factories through the use of machinery and labor.

Consumer Sectors

Divisions within an economy that consist of businesses and industries which produce goods and services specifically for personal and household consumption.

LULAC

The League of United Latin American Citizens, a Latino civil rights organization formed in 1929, focused on combating inequality and discrimination faced by Hispanics in the United States.