An Incorrect Statement as to the Age of the Insured

question 36

True/False

An incorrect statement as to the age of the insured provides an insurance company with an excuse to avoid payment on the insured's death.

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Definitions:

Revenue

The overall earnings accrued from transactions involving goods or services at the heart of a business's primary operations.

Retrospective Approach

The retrospective approach involves revising previously issued financial statements to reflect changes in accounting policy as if the new policy had always been in effect.

Change In Accounting Principle

An adjustment made to the accounting methods used by a company, requiring retrospective restatement of prior financial statements to reflect the new principle.

Disclosure Rules

These are regulations requiring companies to provide full, fair, and timely Disclosure of financial statements and other significant information.