College of Administration and Finance Sciences Assignment (1) Deadline: Saturday 02/03/2024 @ 23:59 Course Name: Insurance Accounting Student’s Name: Course Code: ACCT 424 Student’s ID Number: Semester: 2nd CRN: Academic Year: 1445 H (2023-2024) For Instructor’s Use only Instructor’s Name: Dr. Shahid Husain Students’ Grade: /15 Level of Marks: High/Middle/Low Instructions – PLEASE READ THEM CAREFULLY • The Assignment must be submitted on Blackboard (WORD format only) via allocated folder. • Assignments submitted through email will not be accepted. • Students are advised to make their work clear and well presented, marks may be reduced for poor presentation. This includes filling your information on the cover page. • Students must mention question number clearly in their answer. • Late submission will NOT be accepted. • Avoid plagiarism, the work should be in your own words, copying from students or other resources without proper referencing will result in ZERO marks. No exceptions. • All answers must be typed using Times New Roman (size 12, double-spaced) font. No pictures containing text will be accepted and will be considered plagiarism. • Submissions without this cover page will NOT be accepted. College of Administration and Finance Sciences Assignment Question(s): (Marks 15) 1. For a payment known as premium, insurance entities agree to relieve the policyholder of all or part of a risk and to spread the total cost of similar risks among large groups of policyholders. In the light of this sentence explain the various types of Insurance. (5 Marks) 2. Adjustments to premium written and unearned premiums can result from Cancellation, Endorsement, Audit Premiums and Retrospective Premium Adjustments. Explain in detail. (5 Marks) 3. The reporting and payment characteristics of an entity’s losses will differ depending on the types of policies written. Insurance policies may be categorized in several different ways like policy duration, type of coverage provided and the kind of insurance underwritten. Explain in detail. (5 Marks)