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2 years ago

A provision stating that the insurer cannot dispute the validity of a policy after a specific period is called a(n) ______.

1 answer:

8 0

Incontestability clause - This tells us the insurance company may not contest the validity of the policy during the insured's lifetime for any reason, including fraud, if the policy has been in effect for a predetermined duration

What is incontestability clause?

An incontestability clause in a life insurance policy safeguards the policyholder and forbids the insurer from changing any aspect of the insurance coverage as a result of a misinterpretation or false statements made by the insured (the policyholder) after a certain amount of time. A life insurance policy's provider cannot revoke any statement after a specified period of time thanks to an incontestability provision. This provision is frequently regarded as offering policyholders the most robust defense.

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SCENARIO 9.7: Julio borrowed $80,000 from his great aunt to open a coffee stand at a local flea market. He agrees to pay his gre

leva [86]

Answer:

$20,000

$80,000

Explanation:

Fixed cost is the cost that does not vary with output.

Fixed costs = cost of interest + other yearly fixed cost

(0.05 x $80,000) + $16,000= $20,000

Total cost is the sum of fixed and variable cost.

Variable cost is the cost that varies with output. If output is zero, variable cost would be zero.

Total cost = fixed cost + variable cost

= $20,000 + $60,000 = $80,000

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3 years ago

The current exchange rate is $1= euro€1. suppose that u.s. real interest rates increaseu.s. real interest rates increase. what

ICE Princess25 [194]

Both will appreciate

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3 years ago

Mendrisio Company purchased a piece of machinery for $30,000 on January 1, 2019, and has been depreciating the machine using the

aleksley [76]

Answer:

a. There is no entry required to record the accounting change

b. The journal entry to record depreciation for 2021 would be as follows:

Debit Credit

Depreciation Expense $3,000

Accumulated Depreciation $3,000

Explanation:

According to the given data we have the following:

Sum of year digits=5(5+1)/2

Sum of year digits=(5*6)/2

Sum of year digits=15

Depreciation for year 2019=$30,000*5/15

Depreciation for year 2019=$10,000

Depreciation for year 2020=$30,000*4/15

Depreciation for year 2020=$8,000

Therefore, book value as on january 1, 2021=$30,000-$10,000-$8,000

book value as on january 1, 2021=$12,000

Revised useful life=6 years-2 years=4 years

Therefore, Revised depreciation for 2021=$12,000/4

Revised depreciation for 2021=$3,000

a. There is no entry required to record the accounting change

b. The journal entry to record depreciation for 2021 would be as follows:

Debit Credit

Depreciation Expense $3,000

Accumulated Depreciation $3,000

3 0

3 years ago

Kevin and Maria Rossi live in Swarthmore, PA. Maria's father, Rajiv, lives in Sweden.For each of the following transactions, ide

JulsSmile [24]

The component of the GDP includes consumption, investment, government purchases, exports, imports.

<h3>The drop-down for the given list includes:</h3>

The state of Pennsylvania repaves highway PA 320, which goes through the center of Swarthmore. - Government Purchase.

Kevin's employer upgrades all of its computer systems using U.S.-made parts. - Investment.

Maria gets a new video camera made in the United States. - Consumption.

Rajiv in Sweden orders a bottle of Vermont maple syrup from the producer's website. - Exports.

Kevin buys a sweater made in Guatemala. - Consumption & Imports.