Insurance Basics and Company Financial Statements

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10 Questions

What was the aim of IASB in establishing accounting standards for the insurance industry?

To facilitate understanding of insurers’ financial statements

When was the Pradhan Mantri Fasal Bima Yojana (Prime Minister’s Crop Insurance Scheme) launched?

18 February 2016

What is the uniform premium percentage paid by farmers for Kharif crops under the Pradhan Mantri Fasal Bima Yojana?

2%

Why were insurance contracts excluded from the scope of international financial reporting standards?

Due to substantial differences in accounting practices for insurance

What did Prime Minister Narendra Modi launch on 18 February 2016?

Pradhan Mantri Fasal Bima Yojana (Prime Minister’s Crop Insurance Scheme)

Insurance contracts were included in the scope of international financial reporting standards before the IASB's proposal

False

The Pradhan Mantri Fasal Bima Yojana offers a uniform premium of 2% for all types of crops

False

The aim of the IASB in establishing accounting standards for the insurance industry is to complicate the understanding of insurers' financial statements

False

Accounting practices for insurance are similar to those in noninsurance financial services and nonfinancial businesses

False

The premium for annual commercial and horticultural crops under the Pradhan Mantri Fasal Bima Yojana is 3%

False

This quiz covers topics related to the meaning of insurance, types of insurance, statutory and subsidiary books, important terms, insurance companies' revenue accounts, and balance sheet structures. It also includes self-assessment questions and suggested reading materials.

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