At Present There Are Three AASB Standards Related to Insurance

question 44

Multiple Choice

At present there are three AASB standards related to insurance contracts:

• A) Phase I of the IASB Insurance Project will see these replaced by one standard.
• B) Three standards are required to deal with complex issues such as the HIH collapse.
• C) These standards cover life insurance, general insurance and motor vehicle insurance.
• D) These standards reissued in July 2004 have been significantly altered based on recommendations from the HIH Royal Commission.
• E) None of the given answers.

---

Definitions:

Chain of Reasoning

A sequence of statements or steps of logic that lead from premises to a conclusion.

Conclusion

The final part of something, such as an argument or text, summarizing or stating the end result.

Analyzing Argument

The process of evaluating the structure and content of an argument to assess its validity and soundness.

Logical Structure

The arrangement and relationship of components within a statement or argument that determines its validity.