Question
Insurance that pays claims arising out of incidents that
occur during the policy term, even if they are filed many years later is known as?Solution
An Occurrence policy protects you from any covered incident that “occurs” during the policy period, regardless of when a claim is filed. An occurrence policy will respond to claims that come in – even after the policy has been canceled – so long as the incident occurred during the period in which coverage was in force.
The term 'Days of Grace' in relation to a bill of exchange refers to:
A bill of exchange was accepted by the drawee and later discounted by drawer with bank. On maturity, the drawee defaulted. Who is liable?
Mr. X draws a bill on Mr. Y for â‚ą1,00,000 payable after 3 months. Mr. Y accepts the bill but fails to honour it on maturity. What is this act called i...
Mr. A draws a bill of exchange for â‚ą1,00,000 on Mr. B for 90 days. Mr. B accepts it and it is discounted by Mr. A from the bank. On maturity, Mr. B fa...
Noting charges are recoverable from:
Which of the following is an example of transaction in money under GST laws
Accounts relating to income, revenue, gain expenses, and losses are termed as:
The person who draws a bill of exchange is called the:
Which accounting standard governs the treatment of inventories in India?
If revenue from operations is Rs.60,00,000 Gross Profit ratio is 60%, Operating expenses are Rs.4,00,000 and Income tax rate is 30%, what will be the op...
