Policies Written on a Named-Perils Basis Cannot Cover All Possible

question 55

Short Answer

Policies written on a named-perils basis cannot cover all possible causes of loss because of "_____ peril."

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Definitions:

Profit & Loss Statement

A financial report that shows a company's revenues, expenses, and profits or losses over a specific period of time.

Account Types

This refers to the various categories used in accounting to classify financial transactions, such as assets, liabilities, equity, revenue, and expenses.

Revenues

Represent the total amount of income generated by the sale of goods or services related to a company's primary operations.

Asset Accounts

Accounts that represent the resources owned by a business, which are expected to provide future benefits.