10.8. You are given the following information for an insurance with rates varying by territory and class: Average Class Differential Average Rate Earned Premium at Current Rates Losses Territory 1 1.25 200 374,000 290,000 Territory 2 1.40 280 420,000 350,000 Territory 3 1.60 240 120,000 90,000 Territory 1 is the base territory. Calculate the indicated territory differentials using the loss ratio method.
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- The contract between insured and insurer is ______________. a. Coverage b. Premium c. Policy d. Face valueCan you provide the answer for the last one: The VAT Payable a.61,065 b. 69,815 c. 70,172 d. 74,496.46The policy holder who receives the coverage is called ________________. a. Premium b. Face value c. Insured d. Insurer
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- Q5: Research about and in your own words, describe the different EXCLUSIONS FROM GROSS INCOME: Ø Proceeds of life insurance policyØ Amount received by the insured as a return of premiumØ Gift, bequest, or descentØ Compensation for injuries or sicknessØ Income exempt under treatyØ Retirement benefits, pensions, gratuities, etc.1. The significant risk that is transferred from the policyholder to the issuer of an insurance contract is:a. Lapse or persistency riskb. Financial riskc. Expense riskd. Insurance risk2. Under the general model of PFRS 17, a group of insurance contracts is initially measured at:a. The fulfillment cash flowsb. The contractual service marginc. Either a or bd. Both a and b3. A group of insurance contracts is subsequently measured at:a. The liability for remaining coverageb. The liability for incurred claimsc. Either a or bd. Both a and b4. According to PFRS 17, an insurance contract is NOT derecognized when:a. Expiredb. Terms have been modified, and the modification is not substantivec. Terms have been modified, and the modification is substantived. Extinguished5. According to PFRS 17, an accounting service result is recognized in:a. Profit or lossb. Other comprehensive incomec. Statement of financial positiond. Partly in profit or loss, and partly in other comprehensive incomeUse the…Match the words with the term. Question 7 options: 12345 insurance 12345 guarantees 12345 ability to repay loan 12345 status of industry 12345 integrity 1. capacity 2. collateral 3. coverage 4. character 5. conditions