________________ along with its companion discipline capital accounting, is an integral part of accounting in a total systems concept.
A. Investment accounting
B. Expense accounting
C. Insurance accounting business lag
D. Taxed accounting
If a receivable is greater than ninety days due at the end of the reporting period, it is considered nonadmitted even if it is collected prior to the issuance of the financial statements.
A. True
B. False
The price for granting extended payment terms is called:
A. Sponsorship charges
B. Economics charges
C. Finance charges
D. Bankroll charges
Whatever the type, if _______________is not paid when due, the policy is canceled and the return unearned premium is used to pay the defaulted balance.
A. unrecognized assets
B. deferred payment
C. irrecoverable credits
D. All of the above
Payment schedules are often arranged so that the unearned premium on the related policies serves as:
A. Collateral
B. Control
C. Billing
D. Collection
A contract which has the final policy premium calculated based on the loss experience of the insured during the term of the policy is called:
A. premium written contract
B. retrospectively rated contract
C. loss adjustment contract
D. None of the above
In personal lines business, premiums are increasingly collected through the means of:
A. preauthorized cash controls
B. preauthorized electronic debits
C. preauthorized electronic credits
D. part due receipts
On which premiums, the insurer generally pays the regular commission to the agent following collection of the premium.
A. item billing
B. commission written
C. prepaid premiums
D. direct billed
What billing occurs where the agent renders a statement to the insurer refilecting premiums which are owed to the insurer, less the agent's commission, and subsequently remits payment to the insurer in accordance with the agreed credit terms?
A. Direct
B. Premium financing
C. Account current
D. Statement
What are generally based on a percentage of the premium written?
A. Underwriting pools
B. Regular commissions
C. reinsurance premiums
D. Statement commissions
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