A Debit Memorandum on a Bank Statement Indicates

question 151

Multiple Choice

A debit memorandum on a bank statement indicates:

• A) A decrease in the bank's asset account.
• B) An increase in the bank's asset account.
• C) A decrease in the bank's liability account.
• D) An increase in the bank's expense account.
• E) An increase in the bank's liability account.

Understand the concept of insurable interest and how it impacts insurance policies.

Analyze the role and obligations of insurance companies in claims investigation and settlement.

Explain the importance and function of incontestability clauses in insurance contracts.

Distinguish between policies based on coverage such as liability, fire, life, and workers' compensation insurance.

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Definitions:

Requests for Admission

A legal process in which one party asks the other to admit the truth of specific facts or the genuineness of documents, to simplify the trial process.

Depositions

The sworn, out-of-court oral testimonies of witnesses recorded for later use in court proceedings and discovery processes.

Counterclaim

A claim made by a defendant in a civil lawsuit against the plaintiff. In effect, a counterclaiming defendant is suing the plaintiff.

Liable

Being legally responsible for something, especially in terms of being subject to legal action or obligation to provide compensation.