Accounting For Insurance
Description
How to fill out Contract With Accountant To Audit Corporation's Group Medical, Disability, And Life Insurance Program?
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FAQ
Insurance expense refers to the cost incurred by a business or an individual for obtaining insurance coverage. These costs are paid as premiums to an insurance company and are typically accounted for as expense items in the entity's financial statements.
Protection Expenses This expense category is typically used for all types of insurance, such as property insurance, health insurance, and liability insurance.
The following journal entry can be used to record the insurance claim: Debit: Insurance Claim Receivable (Assets) - Increase in the amount of insurance claim receivable. Credit: Loss on Damaged Goods (Expenses) - Record the loss incurred due to damaged goods.
Statutory Accounting Principles, also known as SAP, are used to prepare the financial statements of insurance companies. In the United States, authorized insurers are required to prepare financial information ing to SAP.
Any insurance premium costs that have not expired as of the balance sheet date should be reported as a current asset such as Prepaid Insurance. The costs that have expired should be reported in income statement accounts such as Insurance Expense, Fringe Benefits Expense, etc.