CORPORATE ACCOUNTING INSURANCE ACCOUNTS

Insurance business in india is now regulated by the provisions of :

• The Insurance Act 1938

• The IRDA act 1999

• The Banking Regulation Act 1949

• The Indian Companies Act 1956

Number of Schedules to be prepared by Insurance companies for their Financial statement are :

• 26 Schedules

• 10 Schedules

• 12 Schedules

• 15 Schedules

In Life Insurance ,the policy amount is payable

• After the death of the Insured

• After the expiry of policy period

• On the death of the Insured or an expiry of policy period whichever is earlier

• Only when Insured has incurred some loss

In General Insurance the policy amount is payable :

• After the death of the Insured

• After the expiry of the policy period

• Only when the loss occurs or the liability arises

• Only when insured has attained certain Age

The Document which contains the terms and coditions of the contract of Insurance is called

__ refers to the amount payable by the insurer to the insured when the policy become due for payment.

• Premium

• Claim

• Commission

• Expenses

Claims paid by LIC is shown in :

• Schedule 1

• Schedule 2

• Schedule 3

• Schedule 4

The commission received from the re-insurer is called

• Commission on reinsurance accepted

• Commission on reinsurance ceded

• Commission on Direct Business

• None of the above

The bonus which is to be paid on maturity of policy along with policy amount is known as

• Reversionary Bonus

• Annual Bonus

• Interim Bonus

• Eventual Bonus

Every Year, the accounting year of every Insurance business is to end on