Insurance of trust property-trust laws, Cost Accounting

INSURANCE

Trustees may insure trust property against loss or damage by fire subject to the following conditions:
 
1. The insurance must not exceed the full value of the property;

2. The trustees must not insure if:

  • The trust instrument forbids this, or
  • The trustees are bound to convey the property absolutely to the beneficiary on request;

 
3. Premiums may be paid out of income of the trust property (not necessarily the property insured);

4. Insurance money received is to be treated as capital, and held on the same trusts as the property insured.

Posted Date: 12/13/2012 11:59:59 PM | Location : United States







Related Discussions:- Insurance of trust property-trust laws, Assignment Help, Ask Question on Insurance of trust property-trust laws, Get Answer, Expert's Help, Insurance of trust property-trust laws Discussions

Write discussion on Insurance of trust property-trust laws
Your posts are moderated
Related Questions
The Houston Chamber Orchestra presents a series of concerts throughout the year. Budgeted fixed costs total $300,000 for the concert season; variable costs are expected to average

Limitations of Budgeting 1. Too mush reliance may reason resistance or inflexibility to change. 2. Difficult to set levels of attainment. It may result into too tight budg

Draw the relevant diagrams for a typical farm, and for the market as a whole, when the market for wheat is in long run equilibrium. Assume the farm faces perfect completion. (hint,

Judy's mother, Sarah, died on July 2, 2006, leaving Judy her entire estate. Included in the estate was Sarah's residence (325 Oak Street, Cincinnati, OH 45211). Sarah's basis in th

how to treat an increase in output on marginal costing

Download the financials of Shoprite , study them, then, using ratio analysis, the cash flow statement, and the segmental breakdown of the results, prepare a statement outlining the

Assumptions of Break-Even Analysis 1. The break-even chart is fundamentally a static analysis; commonly changes can merely be displayed by drawing a new chart or a series of c

Fixed Overheads Variance This is defined like the difference between the fixed overheads attributed and the standard cost of fixed overheads absorbed in the production achieve

Compute the predetermined overhead rate used during the year in the Preparation and Fabrication Departments.

Determine the Absorption Rate of Overheads The budgeted production overheads and other budgeted data of compute are given as: Budget Overhead cost for the period = Ks