බීමත් පාතරයන් http://www.mediafire.com/view/?8dlh9rr20sx6ka7
A contract carrier corporation that hauled automobiles from an automobile assembly plant leased land on which it stored the autos and other equipment in Revenue Ruling 60-275. The land was bound by a river and therefore exposed stored property and leasehold improvements to flood damage. Under an agreement with a "reciprocal flood insurance exchange," the company and others subject to flood risk made annual payments for a specified period for flood insurance coverage. The company acquired $150x of coverage underwritten over a ten-year period, of which $15x (ten percent) became effective when the policy was issued and delivered. The company's property subject to flood loss equaled $500x.
The exchange credited one percent of the initial premium to its general reserve fund, which was used to cover certain administrative expenses and losses exceeding the catastrophe loss account. The remainder was allocated to the catastrophe loss account. This account was charged with a pro-rata share of losses occurring during the year and for incurred reinsurance costs, for each subscriber. The company could withdraw amounts credited to its catastrophe loss account after the end of the current policy year, but could not withdraw amounts credited to the general reserve fund (although subscribers shared in the net balance of the general reserve fund, if any, if the exchange terminated).
