The Fish House, a seafood restaurant, obtains from Guaranty Insurance Company a policy that pro¬vides if a dispute arises between the parties concerning the settle¬ment of a claim, the dispute must be submitted to an impartial third party, not a court, for resolution. This is
a. an antilapse clause.
b. an arbitration clause.
c. an appraisal clause.
d. an incontestability clause.
B
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The balance sheet reports:
a. the assets, liabilities, gains, and losses for a period of time. b. the changes in assets, liabilities, and equity for a period of time. c. the assets, expenses, and liabilities as of a certain date. d. the probable future benefits, probable future sacrifices, and residual interest for a period of time. e. the financial condition of an accounting entity as of a particular date.
Describe the sources of long-term debt financing
Financial statements prepared using generally accepted accounting principles:
A) use historical costs and are not adjusted for the effects of increasing prices. B) use historical costs and are adjusted for the effects of increasing prices. C) use market-based costs and are adjusted for the effects of increasing prices. D) use market-based costs and are not adjusted for the effects of decreasing prices.
A primary key contains a unique, specific value that is not duplicated through any instances within that field
a. True b. False Indicate whether the statement is true or false