Question

A fire loss incurred but not reported by balance sheet

Q: Answer-A fire loss incurred but not reported by balance sheet date is classified as:

An IBNR Incurred But Not Reported claim refers to losses that have occurred before the balance sheet date but have not yet been reported to the insurer. Its recorded as a provision in the insurers books.

date is classified as:

A Contingent liability

B IBNR claim

C Paid claim

D Salvage

E Subrogation

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A fire loss incurred but not reported by balance sheet

Solution