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2 years ago

Under the payment of claims provision, when are benefits typically payable after proof of loss is received?

1 answer:

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All claims other than those for periodic installments should be paid immediately after the insurer has received proof of loss.

A time of payment of claims provision states the wide variety of days that the insurance company has to pay or deny a submitted declaration. This provision is included to minimize the amount of time that a policyholder has to anticipate his/her payment or for a selection approximately his/her declare.

Claim provision means an amount payable to you under the policy to compensate you for the credit losses you have sustained from unpaid insured receivables.

A claim provision is a clause in an insurance contract that sets forth the process to be followed within the submission and management of claims. In the case of a reinsurance agreement, it states the phrases and conditions under which the reinsurer's legal responsibility for claims will arise.

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Using the legend provided, classify each of the following statements: Legend A = Tax avoidance E = Tax evasion N = Neither

11111nata11111 [884]

Answer:

A, A, E, E, E.

Explanation:

Tax evasion is an illegal activity in which a person or entity deliberately avoids paying a true tax liability. Those caught evading taxes are generally subject to criminal charges and substantial penalties.

Tax avoidance is the legal usage of the tax regime in a single territory to one's own advantage to reduce the amount of tax that is payable by means that are within the law. Tax sheltering is very similar, although unlike tax avoidance tax sheltering is not necessarily legal.

Sue writes a $707 check for a charitable contribution on December 28, 2013, but does not mail the check to the charitable organization until January 10, 2014. She takes a deduction in 2013. A - Tax Evasion

Sam decides not to report interest income from a bank because the amount is only $19.75. A - Tax Evasion

Harry pays property taxes on his home in December 2013 rather than waiting until February 2014. - E - Tax Avoidance.

Variet switches her investments from taxable corporate bonds to tax-exempt municipal bonds. E - Tax Avoidance.

Mel encourages his mother to save most of her Social Security benefits so that he will be able to claim her as a dependent. E - Tax Avoidance.

8 0

3 years ago

Young Corp. purchased equipment by making a down payment of $4,000 and issuing a note payable for $18,000. A payment of $6,000 i

Vera_Pavlovna [14]

Answer:

Total capitalized cost 24,980

Explanation:

The shipping and installation cost are capitalzied as they are cost needed to make the equipment ready to use.

The down payment will be in his full amount as it is done "today".

The the note, which is an annuity will be multiplied by the annuity factor

and the note

down payment: 4,000

shipping charges 2,000

installation 3,500

6,000 annuity x 2.58 = <u> 15,480 </u>

Total capitalized cost 24,980

3 0

3 years ago

Ronen Consulting has just realized an accounting error that has resulted in an unfunded liability of $ 398 comma 930 due in 28 y

Sladkaya [172]

Answer:

Present value of Liability is $59,989

Explanation:

Money does not have the same value in future as it has today. The present value calculates the today's value of any that cash flow will be made in future.

Liability = FV = $398,930

Number of years = n = 28 years

Discount rate = r = 7%

Present value = FV / ( 1 + r )^n

Present value = $398,930 / ( 1 + 0.07 )^28

Present value = $398,930 / 6.65

Present value = $59,989.47

3 0

3 years ago

Discontinue a Segment Product Tango has revenue of $1,150,000, variable cost of goods sold of $850,000, variable selling expense

Ronch [10]

Answer:

A) Differential analysis is shown below

B) its product should be continue.

Explanation:

As per the data given in the question,

Continue product Discontinue product Differential

Tango(Alt 1) Tango(Alt 2) Effects (Alt 2)

Revenue $1,150,000 $0 -$1,150,000

Costs:

Variable COG Sold -$850,000 $0 $850,000

Variable selling and admin expenses -$275,000 $0 $850,000

Fixed costs -$125,000 $0 $275,000

Profit(Loss) -$100,000 -$125,000 -$25,000

As per analysis discontinuance of product Tango will enhance the amount of loss by $25,000, so it is recommended to continue the operation.

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3 years ago

Country A has real GDP per person of 250,000 while Country B has real GDP per person of 500,000. All else constant, Country A wi

Ne4ueva [31]

Answer:

Option A is correct because the level of saving in percentage for company A is 2% (5000/250000). Whereas the level of saving in the company B is 1.5% which is lower than the savings of company A. This will increase the standard of life in the long run because greater the savings the greater is the amount invested in Financial assets which will decline the interest rate as the funds for investment are in excess it will decline the demand for loans. This investment will earn its investor more which will change his standard of life.

Remember standard of living is measured by:

GDP per capita= Total GDP/ Total population

So if the GDP per person is higher it means his saving are lower. And if the level of saving are lower then the standard of living will decline because the money available for investment is lower in amount. This will not save him enough to maintain his standard of living.

So its true because the level of saving rate of company A is higher this means the standard of living in the near future will also increase with faster pace.

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3 years ago