An insurance company assigns more complex loss cases to a claims adjustor.
What is claims adjustor?
A claims adjuster looks into insurance claims to ascertain the scope of covering a business's obligation. Claims adjusters can deal with both liability claims involving third parties' property damage or personal injuries as well as property claims involving damage to structures.
The claimant is interviewed, any potential witnesses are questioned, records (including police or medical records) are checked, and any relevant property is inspected by the claims adjuster as they go through each case.
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Answer:Yes it should be reported.
$2.8 million should be reported in the the balance sheet as a liability.
Explanation: Contingent liabilities are liabilities that depend on the outcome of an event that may likely not occur.
Before they can be reported in financial statement, it must be able to estimate the value of such contingent liability and the liability must have a higher than 50% possiblity of being achieved.
If the value can be estimated, then the liability has a higher chance of being realised.
Qualifying contingent liabilities such as the $2.8 million estimated by Top Sound International should be recorded in the income statement as an expense and a liability on the balance sheet.
Therefore the $2.8 million liability should be reported in its 2018 balance sheet
Annual gross potential rental income from a property minus expenses (vacancy and collection losses, operating expenses, replacement reserves, property taxes, and property and liability insurance) equals Effective gross income . This is further explained below.
<h3>What is
Effective gross income?</h3>
Generally, Effective gross incomeis simply defined as the total effective gross revenue equals potential gross income less vacancy and collection losses + other income.
In conclusion, Potential gross revenue minus vacancy and collection losses, plus other income, is equivalent to effective gross income.
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Answer:
$90,000
Explanation:
Inspection hours (h) = 10,000 hours per year
Total salaries (S) = $60,000
Cost of supplies (c) = $3 per inspection hour
Since there is no need for any inspection activity, all of the inspection costs qualify as nonvalue-added cost.
The nonvalue-added cost of inspection per year is $90,000