As per the Insurance Act, every insurer has to prepare at the end of financial year

Question

Question: As per the Insurance Act, every insurer has to prepare at the end of financial year

Options:

1.  Balance Sheet
2.  Profit and Loss Account
3.  Revenue Account for each class of Insurance business
4.  Accounts of receipts and payments in respect of share-holders’ funds
5.  All of the above

Answer 1

5. All of the above

As per the Insurance Act, every insurer has to prepare at the end of financial year for

• Balance Sheet
• Profit and Loss Account
• Revenue Account for each class of Insurance business
• Accounts of receipts and payments in respect of share-holders’ funds and, others.