1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Komok [63]
3 years ago
11

Bernice is an underwriter. she is reviewing a commercial crime coverage application. the coverage will be written using the disc

overy form. bernice is concerned that a large undiscovered loss may exist prior to the policy's inception date. which provision should bernice add to the policy to protect the insurer against liability for such previous losses?
Business
2 answers:
Mnenie [13.5K]3 years ago
7 0

Answer:

A retroactive date endorsement

Explanation:

In Insurance, a retroactive date endorsement is used for most claims-made policy forms.

For a claims-made policies, the date which a professional liability coverage begins, covering for any incident that causes damage or harm to a third party on or after the date it occurred, provided the claims relating to it were filed with an active liability insurance coverage, is known as the retroactive date endorsement.

Hence, Bernice should add a retroactive date endorsement to the policy to protect the insurer against liability for such previous losses.

Olegator [25]3 years ago
4 0

Answer:

Retroactive date endorsement.

Explanation:

A retroactive date is a date from which an individual's liability coverage begins. This date is the when ones insurance cover is activated.

Retroactive date can also be said to be the date when your insurance starts to cover you and/or third party incidents provided the incidents are filed and are deemed fit to be under the coverage of the insurance.

Any incidents before this retroactive date is not covered by the insurance. Also, incidents that exceed the time frame of the retroactive date isn't covered by the insurance as well.

Adding a retroactive date endorsement to the policy by Bernice will ensure that any loss is covered by the policy during the time of the coverage.

Cheers.

You might be interested in
Which of the following is TRUE regarding the economic order quantity (EOQ) model? A. Demand rate is dependent on order quantity.
Oduvanchick [21]

Answer:

D. Holding cost per unit per year is dependent on the selling price per unit.

Explanation:

The formulas are shown below:

Economic order quantity:

= \sqrt{\frac{2\times \text{Annual demand}\times \text{Ordering cost}}{\text{Carrying cost}}}

The number of orders would be equal to

= Annual demand ÷ economic order quantity

The average inventory would equal to

= Economic order quantity ÷ 2

The total cost of ordering cost and carrying cost equals to

Ordering cost = Number of orders × ordering cost per order

Carrying cost = average inventory × carrying cost per unit

If in the question, the carrying cost is given in the percentage than the per unit cost is come after multiplying it with the selling price per unit

5 0
3 years ago
To save for retirement, Jamie decides to invest in an annuity that pays 5% annual interest, compounded annually. If Jamie contri
tatyana61 [14]

Answer:

Interest= $26,131.91

Explanation:

Giving the following information:

Annual deposit= $2,000

Number of periods= 20 years

Interest rate= 5%

<u>First, we need to calculate the future value using the following formula:</u>

FV= {A*[(1+i)^n-1]}/i

A= annual deposit

FV= {2,000*[(1.05^20) - 1]} / 0.05

FV= $66,131.91

<u>Now, we can determine the interest earned:</u>

Interest= future value - total investment

Interest= 66,131.91 - 20*2,000

Interest= $26,131.91

6 0
3 years ago
One major benefit of using the Bank Feeds feature in QuickBooks Online is that as you _________________ or __________________ tr
Flura [38]

<u>Answer: </u>One major benefit of using the Bank Feeds feature in QuickBooks Online is that as you Exclude or Add transactions in QuickBooks Online from the downloaded transactions from the bank, they are marked Reconciled. This makes the end-of-period bank reconciliation more efficient.

<u>Explanation:</u>

Bank feeds is the online transaction platform provided for the customers to connect with the bank and download the transactions and access other online services. These transactions saves time for the users.

Bank reconciliation is checking the balances of the bank statement and the cash account. The difference in both the books are checked and reconciliation statement is passed to match both the books. Manual reconciliation takes time whereas it is easier to do it through quickbooks in online.

7 0
3 years ago
A corporation can earn 7.5% if it invests in municipal bonds. The corporation can also earn 8.40% (before-tax) by investing in p
Lostsunrise [7]

Answer:

A tax rate of 10.71% should make both both indifferent for investors.

Explanation:

the municipal bonds are income-tax free so we should solve for the tax rate which makes both bonds equaly attractive.

0.075 = after-tax rate

0.084 = pre-tax rate

pre-tax (1- t) = after-tax\\0.084 (1-t) = 0.075\\1 - t = 0.075 \div 0.084\\t = 1 - 0.075 \div 0.084\\t = 0.10714285

A tax rate of 10.71% should make both both indifferent for investors.

4 0
3 years ago
If you work for yourself, you never have to worry about business ethics
ASHA 777 [7]
False. You should worry MORE about business ethics when you work for yourself to ensure for a better business and avoid getting sued
5 0
3 years ago
Other questions:
  • Simon and his managers are discussing the unemployment, inflation, and interest-rate trends that might affect their chain of san
    13·1 answer
  • What entry would blue make to record the sale of the machine for $30,250 cash?
    13·1 answer
  • Suppose price is initially $20, but then decreases to $15. The absolute value of the percentage change in price (using the midpo
    11·2 answers
  • Bobbi and Stuart are partners. The partnership capital of Bobbi is $35,300 and that of Stuart is $77,700. Bobbi sells his intere
    13·1 answer
  • Due to changes in regulatory requirements, the transactions costs associated with selling corporate securities increased by $1 p
    6·1 answer
  • A commercial cleaning company spends an average of $500 per year, per customer, in supplies, wages, and account maintenance. An
    6·1 answer
  • The question, "What are the distinguishing characteristics of effective leaders?" sparked which approach to the study of leaders
    8·1 answer
  • Acton Corporation, which applies manufacturing overhead on the basis of machine-hours, has provided the following data for its m
    10·1 answer
  • A defect on a title that can be monetary or physical is called an ______. Unset starred question Agreement Appurtenance Encumbra
    6·1 answer
  • Who must personally certify the financial statements and company disclosures or risk financial penalties and criminal prosecutio
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!