State Departments of Insurance require insurers to use which one of the following conservative accounting systems?...

State Departments of Insurance require insurers to use which one of the following conservative accounting systems?

Select one:

a. NAIC Accreditation

b. Financial Accounting Concepts

c. GAAP

d. Statutory Accounting Principles

Solutions

Expert Solution

a)NAIC ACCREDITATION.

NAIC ACCREDITATION is the conservative accounting system used in state department of insurance.

jeff jeffy answered 1 year ago

Next > < Previous

Related Solutions

Which one of the following documents is used commonly in insurance Claims Departments to record all...

Which one of the following documents is used commonly in insurance Claims Departments to record all activities and analyses that occur while handing a claim? Select one: a. Claims guidelines b. Claim report c. Diary or suspense d. Activity log

Which one of the following is the type of state insurance rating law that allows rates...

Which one of the following is the type of state insurance rating law that allows rates to be determined by market prices driven by the economic laws of supply and demand, rather than regulatory decisions? Select one: a. Mandatory rate law b. File-and-use law c. Open competition law d. Flex rating law

A state Department of Insurance might conduct which one of the following types of reviews of...

A state Department of Insurance might conduct which one of the following types of reviews of an insurer’s claims department? Select one: a. Claim control b. Internal claims audits c. External claims audits d. Expert system reviews

The commissioner of insurance generally has more control over insurers not licensed in the state. (True...

The commissioner of insurance generally has more control over insurers not licensed in the state. (True or False)?

Which of the following types of risks is normally uninsurable by private insurers? Select one: a....

Which of the following types of risks is normally uninsurable by private insurers? Select one: a. Political risks b. Financial risks c. All of the above d. Liability risks e. Financial and political risks

1. Explain which of the Generally Accepted Accounting Principles (GAAP) require the use of depreciation for...

1. Explain which of the Generally Accepted Accounting Principles (GAAP) require the use of depreciation for assets that have useful lives beyond one year, and explain why. 2. For-profits can use different methods for reporting depreciation to owners and to the government (for tax purposes). What is the practical effect of this allowance?

DNA replication is known to follow which of the following patterns Select one: a. Conservative mechanism...

DNA replication is known to follow which of the following patterns Select one: a. Conservative mechanism b. Dispersive mechanism c. Untraditional mechanism d. Semi-conservative mechanism -- In the absence of DNA polymerase 1, a cell would be unable to Select one: a. Polymerize the Okazaki fragments b. Remove the primers c. Initiate telomerase activity d. Synthetize DNA on the leading strand e. Synthetize new DNA on both strands -- At the end of the DNA replication process, telomerase activity is...

Which one of the following business strategies, used by Direct Writer insurers, involves an organization selling...

Which one of the following business strategies, used by Direct Writer insurers, involves an organization selling its product directly to the customer rather than through a wholesaler or other intermediary? Select one: a. Multi-divisional structure b. Differentiation c. Cost leadership d. Vertical integration

How does the type of insurance sold affect the need for reinsurance? Which types of insurers...

How does the type of insurance sold affect the need for reinsurance? Which types of insurers are more likely to need reinsurance?

Which of the following statements about cost accounting systems is FALSE? A) The cost accounting system...

Which of the following statements about cost accounting systems is FALSE? A) The cost accounting system provides the cost data that managers use for decision making. B) The cost accounting system is the most fundamental component of a cost management system. C) A cost accounting system that provides accurate information is a key success factor for all types of organizations. D) Some types of organizations do not need cost accounting systems. E) none of the above

Subjects