The Basic Purpose of Insurance Is to Protect You from the Financial

question 75

True/False

The basic purpose of insurance is to protect you from the financial consequences of losing assets or income due to accident,illness,or death.

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Definitions:

Financial Statements

Financial statements are formal records that outline the financial activities and conditions of a business, individual, or other entity, typically including the balance sheet, income statement, and statement of cash flows.

Contingency

An existing condition or situation whose outcome is uncertain and will be confirmed only upon the occurrence or non-occurrence of one or more uncertain future events.

IFRS

A global set of accounting standards formulated by the International Accounting Standards Board (IASB), known as International Financial Reporting Standards.