aicpa财务会计与报告（far）insurance

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1、RegulationModule32:InsuranceInstructor:Helen08/23/20091M32InsuranceA.GeneralConsiderationsB.InsuranceContractC.SubrogationD.LiabilityInsuranceE.FireInsurance2A.GeneralConsiderations3AGeneralConsiderations1.PurposeofInsurancea)Distributionofthecostofriskoveralargenumberofin

2、dividualssubjecttothesamerisk(i.e.reimbursethefewwhoactuallysufferfromtherisk)b)Designedtoprotectagainstlargeunexpectedlosses（Notsmalleverydaylosses）2.IntentionalActsofInsured=notInsurable3.NegligenceorCarelessness=Insurable4.Self-Insurance=notTrueInsurancea)Notadistributi

3、onofriskb)Periodicsettingasideofmoneyintoafundtoprovideforlossesc)Apreparationtomeetpossiblelosses4B.InsuranceContract5BInsuranceContract1.SimilartoCommonLawContract(OAC!)2.AUnilateralContracta)Theinsuredprepaysthepremiumb)Theinsurerpromisestoindemnifyinsuredagainstloss3.G

4、enerallybindingattimeofunconditionalacceptanceoftheapplicationandcommunicationofthistoinsured4.Policymaybevoidableatoptionofinsurera)Concealment(Insurerfailstonotifyafactwhichismaterialtoinsurer¡srisk)b)Materialmisrepresentationbyinsuredc)Breachofwarrantyincorporatedinthep

5、olicy6BInsuranceContract5.InsurableInteresta)InsurableInterest=lawfulandsubstantialeconomicinterestinthepropertyatthetimeoflossNoinsurableinterestuponaproperty,norighttobuyinsuranceforitThesubstantialeconomicinterestneednotexistwhenthepolicyistakenout,butexistatthetimeof

6、lossExamplesofownershaving¡substantialeconomicinterest¡OwnerofpropertyPurchaserofgoodwhenthegoodsareidentified(i.e.tagged,marked)Aremaindermaninproperty(i.e.patientlywaitforanotherone¡sdeath)ApartnerinpartnershippropertyA>=50%shareholderinaCORPApersonwithcontractualr

7、ighttopurchaserealpropertyAsecuredparty(i.e.ageneral/unsecuredpartydoesnot)7QuestionTime¡1.Whichofthefollowingstatementscorrectlydescribestherequirementofinsurableinterestrelatingtopropertyinsurance?Aninsurableinteresta)Mustexistwhenanylossoccursb)Mustexistwhenthepolicyis

8、issuedandwhenanylossoccursc)Iscreatedonlywhenthepropertyisownedinfeesimpled)Iscreatedonly