what are some simple examples of statutory liability?
Answer (1)
22nd Jul, 2020
hello there!
statutory liablity is a respnsibility imposed on an individual or business by a law. For example, the directors of a corporation assume certain statutory liabilities when they join the board.
some of the examples for statutory liability are policy reserves, premiums collected in advnce, commisiion and expenses payable , and provisiions for polcyholder dividends etcc..,
hope you got your answer, all the best for your future.
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