Author Question: Gwen is in charge of accounting at Integrity Insurance Company. Integrity is a publicly-traded ... (Read 158 times)

daltonest1984 · **on:** Jul 11, 2018

Gwen is in charge of accounting at Integrity Insurance Company. Integrity is a publicly-traded insurer. In describing her job, Gwen said, There aren't too many businesses where you are required to keep two sets of books.

Gwen's comment most likely refers to her company
A) preparing accounting statements using statutory and GAAP accounting.
B) preparing one set of records for the insurer's managers and another set for the policyholders.
C) preparing one set of books using dishonest values and another set using current market values.
D) preparing one set of accounting statements considering investment income and another set of accounting statements not considering investment income.

Question 2

Most insurance companies require their marketing representatives to submit an evaluation of the prospective insured. This important source of underwriting information is called the

A) application.
B) agent's report.
C) inspection report.
D) physical inspection.