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How do you journalize Made an entry to adjust for the expired portion of the insurance premium?
Wiki User
∙ 11y ago
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Wiki User
∙ 11y ago
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What is the journal entry for payments of insurance premium?
debit insurance premium expensecredit cash / bank
Insurance premium paid in advance Is it a accrued expenses?
No, if Insurance premium is paid in advance then it is a Prepayment - current asset.
What is the journal entry for paid insurance premium?
debit insurance premiumcredit cash / bank
Which is most clearly a fixed cost?
insurance premium
What is the journal entry for life insurance policy premium paid for proprietor?
debit insurance premiumcredit cash / bank
Does a insurance disability issue a w2?
The insurance carrier will issue a 1099 with your disability income if it is subject to taxation. The benefit is taxed if you paid the premium pre-tax, or if your employer funded a portion of the premium.
Why is a portion of my life insurance premium declared as taxable income?
This is normally because your employer is paying for a part of the premium, meaning you don't have to, which means that it is income.
Do you get a refund if you cancel homeowners insurance?
Yes, if you cancel your home insurance policy mid term you would be entitled to the unearned portion of your premium payments.
A property insurance policy has an annual premium of 780 What is the regular refund if the policy is canceled by the insurance company after five months?
They are required to refund any unearned premium portion. Policy fees and the like are considered fully earned.
What does insurance premium mean?
The premium is the cost that you must pay to have the insurance.
What consequences if the vehicle insurance policy is expired?
The consequences? You policy is expired, that means you have no coverage. You just need to call your insurance company and ask if they will reinstate your policy. If they say your policy is not eligible for reinstatement you may lose your continuous coverage discount usually about five percent off your premium, not much. Just buy a new policy.
What is the journal entry for payments of insurance premium?
debit insurance premium expensecredit cash / bank
Which of these will not cause your insurance premium to be higher?
Having a high deductible will not cause your insurance premium to be higher.
What is premium loading in insurance?
Premium loading is an amount an insurance company adds to the basic premium to cover the expense of securing and maintaining the business.
What is a car insurance premium?
A car insurance premium is the amount of money paid to an insurance company for a 6 month period. It is cheaper to pay the full premium that pay each month.
Where can one find premium insurance?
When you are on the hunt for premium insurance, where to look will depend on the type of insurance you need. If you want premium health insurance you should look for companies like United Health or Wellpoint. If you are in the market for premium life insurance you should try companies like American General, or Allstate.
What is the title of a person in an insurance company who calculates the premium?
An Actuary is the person in an insurance company who calculates the premium
