Sma E Experts Interview Questions and Answers

Carve outs in IND AS and IFRS refer to exceptions or exclusions from the standard accounting treatment.

• IND AS 101 allows first-time adopters to use previous GAAP for certain items

• IFRS 1 allows exemptions for certain disclosures and retrospective application

• IND AS 109 has carve outs for hedge accounting and impairment

• IFRS 9 has carve outs for financial liabilities and macro hedging

• IND AS 115 has carve outs for certain c...read more

Rewrite and reinstatement are two different methods of policy modification.

• Rewrite involves creating a new policy from scratch, while reinstatement involves restoring a lapsed policy.

• Rewrite may result in changes to coverage, premiums, and terms, while reinstatement typically restores the policy to its original state.

• Examples of when to use rewrite include major life changes or significant changes in risk, while reinst...read more

No, the company will not process the claim.

• The policy was cancelled in June due to non-payment.

• The policyholder reinstated the policy in September.

• The claim arises in August, which is before the policy was reinstated.

• Since the policy was not active in August, the company will not process the claim.