In AASB 1023 General Insurance Contracts All Unclosed Business Is

question 37

True/False

In AASB 1023 General Insurance Contracts all unclosed business is estimated and the premium relating to unclosed business included in premium revenue from the attachment date.

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Definitions:

Excel

A spreadsheet program developed by Microsoft, used for storing, organizing, and manipulating data, including numerical analysis, financial modeling, and charting tools.

Specific Percentage

A precise part or segment expressed as a fraction of 100, often used in financial calculations to determine interest, growth rates, or allocations.

Progressive Billing

A billing method where payment is requested from customers in installments as different stages of the project are completed.

Company Preferences

Settings and policies set by a company to guide how its systems and software operate.