ame a personal liability that someone might have and identify whether it's a current or long-term liability and state why the person would need to know the difference.

Q: Define and explain the nature and concept of the current liability and non-current liability.…

A: Entity have two types of liability a short term liability and a long term liability . The difference…

Q: At what point would it be necessary to purchase a Personal Liability Umbrella policy?

A: Umbrella policies are relatively inexpensive so they are worth the inevstment.

Q: s it still beneficial for a person to have an insurance policy? Explain your answer in detail.

A: Insurance Policy - It is a written document between the insurer and policy holder. In which insurer…

Q: Distinguish between a current liability, such as accounts payable, and a provision.

A: Current liability:   Current liability refers to the debts of an organization. It is an obligation…

Q: Distinguish between a determinable current liability anda contingent liability. Give two examples of…

A:

Q: Describe the Comprehensive General Liability Insurance?

A: Answer: Comprehensive general liability insurance is an old concept for general liability insurance,…

Q: What is meant by the expression, “The policyholder gets the benefit of the doubt,” in connection…

A: All insurance policies favour the insured person if there is any doubt etc benefits of doubt is…

Q: Life insurance premiums shall be reported as a deductible expense for financial reporting purposes…

A: The outlay which is an ordinary outlay and helps in the normal revenue generation of the business is…

Q: How does an “asset gain or loss” develop in pension accounting? How does a “liability gain or loss”…

A: Plan assets: Assets which are created, maintained and planned for a specific purpose or benefit is…

Q: 3, Which of the following principles of insurance denotes a positive duty of the person seeking…

A: Utmost good faith principle of insurance: As a general rule, insurance contracts are governed by the…

Q: Sick pay benefits that are related to an employee's services already rendered, whose payment is…

A: Accumulate rights: Accumulate rights refer to those rights which can be carried forward to future…

Q: Losses due to destruction of personal property are covered by (choose the best answer) Personal…

A: Personal insurance : It is the insurance against risk or person's life , health etc. Life insurance…

Q: Assume that your friend ALI ABBAS , who is a player football , asks you to define and discuss the…

A: Concept of Liability: Liability refers to something for which someone is liable. It is something…

Q: What distinguishes a current liability from a long-term liability?  Why is it so important to report…

A: Liabilities: The claims creditors have over assets or resources of a company are referred to as…

Q: Direct Compensation coverage.

A: The determinants of direct financial compensation can be classified into two categories, external…

Q: What are the categories of liability? Explain them.

A: Liabilities:   A liability is a sum of money owed by the company towards external entities like a…

Q: Why would an insured inflate claims and who are the ones to suffer for it?

A: Insurance can be defined as the contract that is signed by an insurer indemnifies another person…

Q: The standard homeowners policy contains both property and liability coverages.    True or False

A: The standard homeowners policy can be defined as the contract between insurer and the insured where,…

Q: Differentiate between long term liability and short term liability?

A: First of all, let is understand what a liabilty is - Any amount or sum a business or company  is…

Q: Insuring clause in an Accident & Health policy states which of the following information? A. The…

A: There are different clause in the insurance policy that what is covered and what is not covered and…

Q: What are “liability gains and losses,” and how are theyaccounted for?

A: Liability gains and losses arise from the unexpected increase or decrease in the value of projected…

Q: Is it possible to distinguish between long-term liability and short-term responsibility?

A: The Answer:

Q: What are the requisites of notice of dishonor.? Explain.

A: Introduction:- A notice of dishonor is a legal notice tells or expressed that the bank will not…

Q: What's the difference between current liability and long term liability ?

A: Liability: Liability is an obligation of the business to pay to the creditors in future for the…

Q: tell me why the use of reinsurance contributes to the solvency of the ceding insurer.

A: By ceding a portion of their risk, ceding companies reduce their overall risk exposure and…

Q: What is a Current Liability? Explain its Characteristics.

A: Current liability refers to the obligation of enterprise which are due within normal cycle of…

Q: liability for employees' compensation for future

A: A liability shall be accrued if it is to be settled in the near future.

Q: Distinguish between a current liability and a long-termdebt.

A:

Q: Which of the following would most likely be classified as a current liability?

A: It can be defined as the liability that becomes due and is to be repaid with a span of 12 months or…

Q: What Is Personal Liability?

A:

Q: What is the difference between a current liability and a long-term liability?

A: Liabilities are the amount of money which a company raise from outside. The amounts can be raised…

Q: a "asset gain or loss" in the context of pension accounting? What is the development of a "liability…

A: Plan assets: Assets are created, maintained and planned in a specific purpose. The contribution of…

Q: Assume that your friend Will Morris, who is a music major, asks you to define and discuss the nature…

A: Liabilities: The claims creditors have over assets or resources of a company are referred to as…