Which of the following statements is (are) true concerning the value reporting form?
I. Failure to report accurately suspends coverage.
II. If the insured underreports the property values at a location, and a loss occurs at that location, recovery is limited to the proportion that the last value reported bears to the value that should have been reported.
A) I only
B) II only
C) both I and II
D) neither I nor II
Answer: B
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You are the head of the IT department at Panther Designs, Inc A systems review reveals that your firm has poor control procedures for preventing inadvertent programming errors
However, you are not concerned because you feel Panther Designs has strong compensating controls. What control likely exists to give you this confidence? A) The internal audit department processes test data at Panther Designs. B) Panther Designs pays its employees well, decreasing the likelihood of errors. C) Panther Designs only hires competent programmers, decreasing the likelihood of errors. D) All of Panther Design's IT applications are less than 2 years old.