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ACCT $424$

$1.$ For a payment known as premium, insurance entities agree to relieve the policyholder of all or part of a risk and to spread the total cost of similar risks among large groups of policyholders. In the light of this sentence explain the various types of Insurance. $($Please avoid plagiarism$)$

$2.$ Adjustments to premium written and unearned premiums can result from Cancellation, Endorsement, Audit Premiums and Retrospective Premium Adjustments. Explain in detail. $($Please avoid plagiarism$)$

$3.$ The reporting and payment characteristics of an entity$$s losses will differ depending on the types of policies written. Insurance policies may be categorized in several different ways like policy duration, type of coverage provided and the kind of insurance underwritten. Explain in detail. $($Please avoid plagiarism$)$