1664. Type of accounting, which focuses on whom should be asked for information and whom not will be categorized as

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focused accounting
responsibility accounting
information accounting
blame accounting
✅ The correct answer is B.
Type of accounting, which focuses on whom should be asked for information and whom not will be categorized as responsibility accounting. Responsibility Accounting is a system of control where responsibility is assigned for the control of costs. The persons are made responsible for the control of costs.

1660. Identify the correct statement?

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Rebate in premium is a discount allowed by the insurer in festival seasons to boost business
Rebate is an allowed deduction in large sums assured and low frequency mode of payment
Rebate is illegal as it is a kind of bribery
All modes of payment are treated as equal for rebate purposes by the insurer
✅ The correct answer is B.
Rebate is an allowed deduction in large sums assured and low frequency mode of payment. Typically most companies offer rebates for higher SA (higher than a certain amount). This is because the cost of servicing of all policies of the same type being almost the same, a higher SA means lower servicing cost per unit of SA. Consequently, this translates to higher profits/returns per unit of SA or per unit of premium paid for the company.

1658. If complex language is used to word a certain policy document and it has given rise to an ambiguity, how will it generally be construed?

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In favour of insured
In favour of insurer
The policy will be declared as void and the insurer will be asked to return the premium with interest to the insured
The policy will be declared as void and the insurer will be asked to return the premium to the insured without any interest
✅ The correct answer is A.
if complex language is used to word a certain policy document and it has given rise to an ambiguity, it will generally be construed in favour of insured.

1637. ___________ is a substitute for a companys signature.

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Director signature
Manager Signature
Common Seal
Managing Director Signature
✅ The correct answer is C.
Common Seal is a substitute for a companys signature. Common Seal is the official signature of the company and each company shall have only one seal, on its incorporation. It is to be used in the manner prescribed in the Articles of Association and the Companies Act, 2013.