Answer:
The loss of potential gain from other alternatives when one alternative is chosen.
Explanation:
It just mean you lose something that might have benefits when you are doing other things.
Answer: a. Concealment
Explanation: Nick has committed concealment. A concealment is the act of hiding or not putting forward any relevant information that need to be revealed to an isurer. This usually could affect the terms of the policy. This also includes situations in which an insurance company does not put forward question about the information directly. Intentionally or unintentionally the act may lead to loss to the insurer.
Insurance policies generally put together concealment and misrepresentation (a false statement of a material fact made by one party which affects the other party's decision in agreeing to a contract) in order not to void or alter a contract.
Low budget and high price value market conditions
Answer:
The beneficiary should receive 6 more years of payment.
Explanation:
An annuity certain option guarantees that the insured or his/her beneficiaries will receive payments for a minimum period of time in case the insured dies.
In this question the certain option was 10 years, during the first 4 years the insured received his/her annuity payments, but once the insured passed away, his/her beneficiaries will continue to receive payments until the 10 year period ends (6 more years).
Answer:
b. estimated amount collectible
Explanation:
In Financial accounting, Receivables are also known as Account Receivable. Receivables are considered to be a current asset because it is the payment a business firm would receive from its customers for goods purchased or services taken on credit. Also, accounts receivable are recorded in the current assets section of the balance sheet because they add value to a business firm.
Generally, current assets are considered to be liquid because they are listed on the balance sheet in the order (descending) in which they are expected to turn or be converted to cash within a relatively short term period.
<em>Hence, receivables are valued based on their estimated amount collectible from customers for the goods and services taken. </em>