Net liability in case of life insurance means: The difference between future claims and present premium The difference between the future claims and the future premium The difference between present premium and claim The difference between present claim and premium The balance found in the revenue account of life insurance companies is considered as: Gross profit/loss Surplus/deficit Life assurance fund Net profit/loss A valuation of balance sheet is prepared by General insurance company Life insurance company Joint stock company Banking company Unexpired discount is Unearned discount Outstanding discount Rebate on bills discounted Prepaid discount Banks acts as a guarantor to his customers by: Furnishing letter of guarantee, for local and foreign business Providing letter of credit to customers Honoring the cheque Providing a referral letter