Which of the Following Is Used as Collateral When an Insurance

question 32

Multiple Choice

Which of the following is used as collateral when an insurance company issues policy loans?

• A)Expected premium payments.
• B)Existing policies.
• C)Unearned premiums.
• D)Guarantee funds.
• E)Government of Canada bonds.

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Definitions:

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.

Accounts Receivable

Financial obligations of clients or customers to a company for received goods or services that have yet to be settled.