After a proof of loss is submitted, legal action may be taken to recover on an individual health insurance policy only during what time period?
A) Between 30 days and 10 years
B) Between 30 days and 1 year
C) Between 60 days and 3 years
D) Between 30 and 60 days
Answer: C) Between 60 days and 3 years
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Lucky Louie has the following cash inflows and outflows:
$500 rent, $200 car payment, $100 car repair, $100 discretionary purchases, $300 food, $150 electric bill, $3,500 monthly salary after deductions for tax, etc., $200 cell phone, $400 repayment of loan to dad, and $500 planned spending on weekend fun. What is Lucky's net cash flow? A) $1,050 B) $200 C) $1,150 D) Not enough information regarding paycheck
The percentage-of-completion method
a. is affected by the actual schedule of cash collection. b. cannot be used if the contract specifies that the contractor will receive the entire contract price only on completing construction. c. measures the proportion of total work carried out during the accounting period either from engineers' estimates of the degree of completion or from the ratio of costs incurred to date to the total costs expected for the entire contract. d. is not a method allowed by U.S. GAAP. e. none of the above.