Multiple choice

Directions: Choose the correct option for the given question.

Which of the following schedules will be written in revenue account of an insurance company?

  1. Schedule 10-14

  2. Schedule 5-8

  3. Schedule 1-4

  4. None of these
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Insurance companies prepare Revenue Accounts with 14 schedules following IRDA regulations. Schedules 1-4 relate to technical revenue items: Schedule 1 (Premium), Schedule 2 (Claims), Schedule 3 (Commission), and Schedule 4 (Operating Expenses). These schedules form the Revenue Account which shows the underwriting result. Schedules 5-8 relate to investment income, non-operating items, and profit/loss. Schedules 10-14 contain additional disclosures and supplementary information. Therefore, Schedules 1-4 are written in the Revenue Account.

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