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

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Multiple Choice

All of the following are examples of third-party ownership of a life insurance policy except:

An individual purchasing a policy on their own life

A parent purchasing a policy on their child's life

A business purchasing a policy on a key employee's life

A spouse purchasing a policy on their partner's life

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Verified step by step guidance

Understand the concept of third-party ownership in life insurance. Third-party ownership occurs when the policy owner is someone other than the insured individual. This means the person paying for and owning the policy is not the one whose life is insured.

Analyze each option provided in the problem to determine whether it represents third-party ownership. For example, if the policy owner and the insured are the same person, it is not third-party ownership.

Option 1: 'An individual purchasing a policy on their own life' - In this case, the policy owner and the insured are the same person, so this does not represent third-party ownership.

Option 2: 'A parent purchasing a policy on their child's life' - Here, the parent is the policy owner, and the child is the insured. This is an example of third-party ownership.

Option 3: 'A business purchasing a policy on a key employee's life' and Option 4: 'A spouse purchasing a policy on their partner's life' - Both of these involve the policy owner being different from the insured, which are examples of third-party ownership.