When Expenses Exceed Revenues,a Net Income Occurs

question 19

True/False

When expenses exceed revenues,a net income occurs.

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Definitions:

Appraisal Clause

A provision in an insurance policy requiring that any disagreement on the value of a claim be determined through an appraisal process.

Insurance Policy

A contract between an insurer and the insured, outlining the terms for coverage of specific risks in exchange for premiums.

Antilapse Clause

A provision in a will or estate plan that allows for the substitution of beneficiaries in the event the original beneficiary predeceases the testator.

Insurance Policy

A contract between an insurer and a policyholder that specifies the terms under which the insurer agrees to pay for losses or damages to the insured.