CPCU 540 Practice Questions - CPCU 540 Contributing To Insurer Financial Performance Exam

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An insurer owns office furniture and an overdue agents' balance more than 90 days old. Under statutory accounting principles (SAP), how are these items most likely treated on the balance sheet?

Both are treated as nonadmitted assets and excluded from surplus Both are reported as admitted assets at full value Office furniture is admitted; the overdue agents' balance is nonadmitted The overdue agents' balance is admitted; office furniture is nonadmitted

Correct Answer:

Both are treated as nonadmitted assets and excluded from surplus

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