Which of the Following Is Not a Part of Justice

question 41

Multiple Choice

Which of the following is not a part of Justice Owen's recommendations to the Australian Accounting Standards Board with respect to AASB 1023 "General Insurance Contracts"?

• A) Requirement that premium revenue and insurance liabilities be recognised on the commencement of a contract of insurance.
• B) Requirement that, in estimating the present value of liabilities, future cash flows be discounted using high quality corporate bond rate;
• C) Requirement that companies subject to the standard disclose a 10-year claims-development table that includes past estimates of claims on an undiscounted basis as well as the actual costs of settling claims.
• D) Requirement that insurance liabilities be valued at a level of sufficiency of at least 75 per cent, as required by APRA's prudential standards.
• E) None of the given answers

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Definitions:

Value

The significance or worth of something, often considered in terms of its usefulness, importance, or general merit.

Price

The amount of money expected, required, or given in payment for something.

Conflict

A situation in which there are opposing ideas, interests, or needs leading to a disagreement.

Manufacturers

Companies or individuals that produce finished goods from raw materials through the use of machinery and labor.