Which of the following is a general exclusion under Section I of the Homeowners 3 policy?
A) Water damage caused by accidental discharge from a household appliance.
B) Losses due to the failure of the insured to use all reasonable means to save and preserve property after the time of a loss.
C) Losses resulting from a power failure caused by an insured peril at the residence premises.
D) Losses due to a windstorm.
Answer: B
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Which of the following statements is true in the context of the Great Recession?
a. The economy completely recovered from the Great Recession in 2009. b. The Great Recession spread to the globe by 2008. c. The middle class was the least affected by the Great Recession. d. The Great Recession increased employment rates to almost ten percent.
A disclaimer of opinion on the financial statements that was issued because of a scope limitation on an audit differs from a compilation report on the unaudited statements of a nonissuer in that
A. A compilation report offers some assurances. A disclaimer offers none. B. A compilation relates only to income statements and balance sheets. A disclaimer pertains to all financial statements presented. C. Any procedures applied in a compilation should be described in the report, but procedures applied when a disclaimer is issued should not be described. D. A compilation report states what service was performed. A disclaimer states what service was to be performed.