Question: Question 5 (15 Marks) a. Briefly explain 'insurable interest. 3 marks b. Do the following cases have an insurable interest? If so, state their capacity

Question 5 (15 Marks) a. Briefly explain 'insurable interest. 3 marks

Question 5 (15 Marks) a. Briefly explain 'insurable interest. 3 marks b. Do the following cases have an insurable interest? If so, state their capacity (for example: owner) and when insurable interest is needed for each: i. A bank wishing to insure a mortgagor's (housing loan debtor) life. ii. An executor named in a will, to be responsible for dealing with a deceased's affairs, wishing to insure the property left behind by the deceased. iii. A purchaser wishing to insure a consignment of electrical appliances to be shipped from Germany. Briefly explain. 12 marks

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Question 3 (14 Marks) a. What is insurable interest'? 1 mark b. Olivia is a fashion designer who bought a factory unit from Dave for $8,000,000. With inadequate money, Olivia obtained a mortgage loan...

RKAL3023 PUBLIC SECTOR ACCOUNTING QUESTION 3 (25 MARKS: 45 MINUTES) A. The Controlling Officer is fully responsible for the management of public money allocated to their organization. This...

CASE STUDY You are a junior tax manager in the taxation department of Bean Counter & Co, a large regional accountancy practice based in Hull, East Yorkshire. The Tax Manager (who is your line manager...

QUESTION 2 (15 marks) Bottomless Pot operates a restaurant that offers "all-you-can-eat buffet". The following data shows the costs of food for the buffet and the number of diners that ordered the...

QUESTION 3 Diamond Bhd closes its accounts on 31 March every year. The following were the company's Statement of Financial Position as at 31 March 2019 and 2018. DIAMOND BHD Statement of Financial...

The sales team at loel Brown Manufacturing Company Ltd decided on the following sales forecast for the months indicated. The company produces two products Clam and Glam Sales Forecast 2016 Details...

Sad Open Flame Candle Co. decided on the following sales forecast for the months indicated. The company produces two products Body Butter and Shower Steamer Details Body Butter Shower Steamer July...

Question 5 (15 marks) Part A On 1 October 2020 James Achmed and Emilia Janet decided to form a partnership, J & E Contractors, by combining the net assets of their separate businesses. James...

QUESTION 5 [15 MARKS] Consider the following Sales Order schema in Figure 2, which stores information about sales order, the customer and the supplier: Salesacdeci customecin customerName....

Question 5 (15 marks = 5 marks each) A customer of your CFP office comes to you and asks to receive valuable advice supported with calculations on the purchase of a mini apartment. She/he has a...

List and explain the four basic mathematical operations performed in Excel.

Refer to Practices 22-1 and 22-3. Compute the following ratios for Year 1, Year 2, and Year 3 for Company A: 1. Return on equity 2. Return on sales 3. Asset turnover 4. Assets-to-equity ratio

Which one of the following statements generally applies to the credit period? Question 6 options: The larger the account size, the longer the credit period. The greater the competition, the shorter...

which of the following does Lewis not identify as being core to the pursuit of the public interest

List four examples of feedback you can give to a speaker that would indicate you understand his or her message. (Objective 4)

Teamwork. Conduct the following exercise with teams of five people. The instructor will read a factual story (from a newspaper, magazine, or other source) to one member of each team. That person will...

Good listeners can be described as patient and sincere; bad listeners can be described as self-centered and intolerant. What other words describe good listeners? bad listeners? List at least three...