Adv Accounts 05 Insurance Companies FS

adv-accounts-05-insurance-companies-fs

Question 1 of 1

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620683

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Put the following in order: Schedule 1 (WN) Premium Earned (Net)

620684

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Put the following in order: Schedule 2 - Claims

617630

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Financial statements of insurance companies Life Insurance :-

617631

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Financial statements of insurance companies General Insurance :-

617632

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Financial statements of insurance companies. Life Insurance From A, RA (REVENUE ACCOUNT) Match schedule numbers:-

617633

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Financial statements of insurance companies. General Insurance (Sch B) From B, RA (REVENUE ACCOUNT) Match schedule numbers:-

617634

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Net Insurance Premium computation for Schedule 1, Premium Premium on direct business (+) Premium on reinsurance accepted (-) Premium on reinsurance ceded Total :- +/- Change in unexpired risk [Net Premium Amount _Schedule No 1 in Revenue Account_]

617635

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In the type of insurance business, risk amount cannot be apportioned based on time. Because, the risk is covering for a period, but based on specific event. (Accident). Sometimes risk may come on the last day of the policy.

617636

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Provision for unexpired risk is 50% of net premium income in respect of and miscellaneous business and 100% of the net premium income relating to _ insurance business. (Note: This is the minimum provision to be transferred as per IRDA regulations. Company can transfer more than this)

617637

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Profit or loss on insurance business means (surplus + bonus already paid)

617638

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Catastrophic Loss A loss (or related losses) which is i.e. it causes severe consequences such as to a family, organisation or insurer.

617639

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Principle of Indemnity Insurance is a contract of indemnity. The _ is called indemnifier and the is the indemnified. In a contract of indemnity, only those who suffer loss are to the extent of actual loss suffered by them. One cannot make ____ by insuring his risks.

617640

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Insurable Interest All and sundry cannot enter into contract of insurance. For example, A cannot insure the life of B who is a total _____. But, if B happens to be his wife or his debtor or business manager, A has insurable interest i.e. _ interest and therefore he can insure the life of B. For every type of policy, insurable interest is _ upon. In the absence of such interest the contract will amount to a __ contract.

617641

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Principle of Uberrimae Fidei In a contract of insurance, there is an implied condition that each party must disclose every ___ fact known to him. All contracts of insurance are contracts of uberrimae fidei i.e. contracts of _ good faith. This is because the of the risk and the of the premium by the insurer depend on the full and frank disclosure of all material facts in the ___ form.

617642

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Write short note on 'unexpired risk reserve'. In most cases policies are renewed annually except in some cases where policies are issued for a shorter period. Since insurers close their accounts on a particular date, not all policies expire on that date. Many policies extend in the following year based on the date on which they were taken and as such the risk continuous beyond the date of closing of books of the insurer. Therefore on the closing date, there is unexpired liability under various policies which may occur during the remaining term of the policy beyond the financial year and therefore, a provision for unexpired risks is made at normally 50% in case of fire insurance and 100% in case of marine insurance. This reserve is calculated on the net premium income earned by the insurance company during the year.

Adv Accounts 05 Insurance Companies FS

Question 1 of 1

Time Left

Put the following in order: Schedule 1 (WN) Premium Earned (Net)

Put the following in order: Schedule 2 - Claims

Financial statements of insurance companies Life Insurance :-

Financial statements of insurance companies General Insurance :-

Financial statements of insurance companies. Life Insurance From A, RA (REVENUE ACCOUNT) Match schedule numbers:-

Financial statements of insurance companies. General Insurance (Sch B) From B, RA (REVENUE ACCOUNT) Match schedule numbers:-

**Net Insurance Premium** computation for Schedule 1, Premium Premium on direct business (+) Premium on reinsurance accepted (-) Premium on reinsurance ceded Total :- +/- Change in unexpired risk [Net Premium Amount _Schedule No 1 in Revenue Account_]

In the type of insurance business, risk amount cannot be apportioned based on time. Because, the risk is covering for a period, but based on specific event. (Accident). Sometimes risk may come on the last day of the policy.

Provision for unexpired risk is 50% of net premium income in respect of ______ and miscellaneous business and 100% of the net premium income relating to _______ insurance business. (Note: This is the minimum provision to be transferred as per IRDA regulations. Company can transfer more than this)

Net Insurance Premium computation for Schedule 1, Premium Premium on direct business (+) Premium on reinsurance accepted (-) Premium on reinsurance ceded Total :- +/- Change in unexpired risk [Net Premium Amount _Schedule No 1 in Revenue Account_]

Provision for unexpired risk is 50% of net premium income in respect of and miscellaneous business and 100% of the net premium income relating to _ insurance business. (Note: This is the minimum provision to be transferred as per IRDA regulations. Company can transfer more than this)

Catastrophic Loss A loss (or related losses) which is i.e. it causes severe consequences such as to a family, organisation or insurer.