What Kind of Research Is Being Used When an Insurance

question 71

Short Answer

What kind of research is being used when an insurance company representative sits down with people who have lost their homes to tornadoes and asks,"What could have been done to better handle your needs immediately after the storm"?

---

Definitions:

Accumulated Depreciation

The total amount of depreciation expense that has been recorded so far for an asset, reducing its book value on the balance sheet.

Useful Life

The estimated duration over which an asset is expected to be economically useful to its owner.

Statement of Financial Position

A financial document presenting an entity's assets, liabilities, and equity at a specific date, more commonly known as a balance sheet.

Prepayment Accounts

Accounts that reflect payments made in advance for expenses that will be incurred in future periods, treated as assets until used.