Unearned Insurance Fees is a liability account. Liability accounts represent an obligation to make payment, transfer assets, or provide services to other entities in the future. Asset accounts represent economic resources owned by a business. Prepaid Insurance is an asset account because it represents insurance that has been paid for in advance.

Accumulated amortization accounts are not maintained for intangible assets. The expired portion of the cost of the asset is credited directly to the asset account, just like the treatment for prepaid assets.

Because the sample standard deviation is used (population standard deviation is unknown) a t-distribution is used. We find t(0.1, 15 - 1). Looking under column 0.10 and down to row 14 we get 1.345.
The rejection region is to left, so the critical value is -1.345.

Expectations hypothesis: the hypothesis which explains the term structure of interest rates, stating that a long- term interest rate is the average of expected short-term interest rates over the applicable time period. If, for example, long-term rates are higher than short-term rates, then according to the expectations hypothesis, investors must expect that short-term rates will be increasing in coming periods.

A put is exercised when the price of the underlying falls. In this case, the trader will exercise the put if the stock price were to fall below $45. The gain upon exercise will offset the loss on the stock.
However, the put will not be exercised until the stock price reaches 45. Thus, the first part of the loss equal to $5 (=50 - 45) will be borne by the trader. He also loses the premium paid for the option upon exercise.