Twice per year.
You no longer have insurance cover - if you happen to die then there is no payment made.
If insurance paid in advance then it is asset but if insurance benefit taken and payment not made then it is liability.
yes! or no
The term "death benefit" refers to a payment made as a result of a life insurance policy. In the case of car insurance, if there is a lawsuit for wrongful death, and a payment is ordered by the court, then the car insurance will pay. That is not exactly the same thing as a death benefit even though it is a payment made as a result of a death.
In most cases an insurance policy for a car goes into effect the moment the first payment is made. In the case of medical insurance there might be a waiting period based on the insurance company. Life insurance usually goes into effect after the first payment is made, but there might also be a waiting period before benefits will be issued.
Customarily, it is referred to as a "claim".
If it deals with the validity of the insurance agreement, yes. If it is related to a claim made by someone else, no.
Yes, you can. It's called Single Premium Life Insurance. With single premium life insurance coverage one premium payment is made and the life insurance policy is fully paid up with no further premiums required.
A structured settlement is a financial or insurance arrangement whereby payment is made by a series of periodic payments. Structured settlements are now commonplace in product liability or injury insurance claims.
debit prepaid insurance 11520credit cash 11520Debit Insurance Expense 1,920 Debit Prepaid Expenses 9,600 Credit Cash 11,520 This assumes the payment is made in the first month of coverage. If the payment is made before the coverage begins, the entire amount would be posted to Prepaid Expenses. If the payment was made after the coverage began (for example, in the second month of coverage), you would post the remaining number of months times 1,920 to Prepaid and the balance to Insurance Expense.
When payment for insurance is made advance of actual expenses then it is called prepaid insurance which is asset for business until insurance benefit is utilized while insurance expense is actual insurance expense when insurance benefit is taken.
The word "adjustment" when used in the context of insurance means:The monetary amount an insurance "adjuster" has determined is the appropriate payment to be made to an insured person for a claim that is covered under the insurance policy.