you may ask for the policy document wherein you will get all the
details you looking for.viz.,policy period riks covered, the
beneficiaries etc.policy period is calculated on the basis of exact
days and never rounded off.Insurance cos. take the premium in
advance i.e. before the commencement of risk period. original
receipt must be available with your client. It is surprising only
photocopies are available.
goyalcaald
- In International_
Faisal Muhammed Shafi <m_faisal_shafi@
>
> I'm performing an audit of a client who provided trial balance and
some supporting documents. The problem is that between these
documents there are some photo copies of receipts of premium payment
produced by the insurer. First issue is that these documents do not
mention covering period I think that it will be annual. The second
issue is that I whether should I take the cheque date or receipt
date as start date. The third issue is that if these dates are any
day of the month so should I calculate the period on the basis of
days or round days to one month.
>
> Please reply me ASAP because I'm working at home and I've to
submit it tomorrow for partner review.
>
> ------------
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