Question
Valuing inventory at cost or net realizable value is
based on which principle?Solution
Explanation: According to the Conservatism (Prudence) principle , expected losses should be recorded but gains should not. Hence, inventory is valued at lower of cost or net realizable value to avoid overstating assets.
What does IRDA mandate for surveyors handling losses above INR 20,000?
The 'Third-party liability' cover in a motor insurance policy protects the insured against:
What is a coverage for glass breakage caused by all risks?
A retrocessionaire is:
Which feature is not allowed in the Indian insurance market?Â
Which component of an insurance policy includes the name, logo, and contact details of the insurer?
The role of a risk engineer in the insurance process is to:
In which year all shares of Oriental Insurance Company Ltd. held by the General Insurance Corporation of India were transferred to the Central government?
What is the purpose of risk management for an insured?
Market is a place of ______.
