True or False? 1. An insurance contract is derecognized when it is extinguished and when it is modified where the modification meets any of the conditions for derecognition. 2. The occurence of the...

True or False?

1. An insurance contract is derecognized when it is extinguished and when it is modified where the modification meets any of the conditions for derecognition.

2. The occurence of the event must be certain at the inception of the insurance contract.