Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

1. Introduction to Accounting

Types of Accounting

Financial Accounting

1. Introduction to Accounting

Types of Accounting

Previous problemNext problem

Struggling with Financial Accounting?

Join thousands of students who trust us to help them ace their exams!Watch the first video

Multiple Choice

Under which provision is a policy owner allowed to pay premiums more than once a year?

Premium Payment Mode Provision

Incontestability Clause

Reinstatement Provision

Grace Period Provision

Previous problemNext problem

Verified step by step guidance

Understand the concept of 'Premium Payment Mode Provision': This provision allows the policy owner to choose how frequently they want to pay their premiums, such as monthly, quarterly, semi-annually, or annually.

Review the 'Incontestability Clause': This clause states that after a certain period (usually two years), the insurer cannot contest the validity of the policy based on misstatements made by the policyholder during the application process.

Examine the 'Reinstatement Provision': This provision allows a policyholder to reinstate a lapsed policy by meeting certain conditions, such as paying overdue premiums and providing proof of insurability.

Understand the 'Grace Period Provision': This provision gives the policyholder additional time (usually 30 or 31 days) after the due date to pay the premium without losing coverage.

Identify the correct provision related to paying premiums more than once a year: Based on the definitions above, the 'Premium Payment Mode Provision' is the one that allows flexibility in premium payment frequency.