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2010-03-27 04:14:29
2010-03-27 04:14:29

No, if Insurance premium is paid in advance then it is a Prepayment - current asset.

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those expenses which have been paid in advance and whose benefit will be available in future are called unexpired or prepaid expenses. e.g. insurance premium


Prepayment of the premium before it is due.


Outstanding Expenses are expenses which are due at a specific point of time for example if the actual date to pay the rent is 1st july and we don't pay the rent till august end, then it is called the outstanding Expenses (outstanding rent) prepaid Expenses are expenses which are paid in advance for example if we paid the premium of Insurance in advance i.e before due date, then it calls the prepaid expenses.


Example of periodic expenses are; Car insurance premium,property taxes, holiday expenses, expenses on certain seasonal activities.


"Insurance Premium" is a big word that basically means money. A premium is paid by the insured to cover a certain amount of time in order to cover expenses insured by the policy.


Those expenses which have been paid in advance and whose benefit will be available in future are called unexpired or prepaid expenses. e.g. insurance premium The expenses remaining unpaid at the end of the accounting period are called outstanding expenses.Certainly expenses like salaries,rent etc. of the every month will be paid in the next months. By ADITYA (UPES)


Personal accident insurance covers the insurance in case of an accident during working hours and leisure time. Accident insurance varies based on the premium, but it usually covers the hospital expenses and additional expenses.


prepaid insurance a/c..........dr. To insurance a/c


An Advance Premium Deposit account is a feature of a policy offered by a Life Insurance company. Think of it as a savings account, where you're free to put in money and take out money. Your life insurance premium will automatically be paid from that account, so that's one less hassle you have to worry about. You get interest on your money, so that's nice. Often you're only allowed to deposit up to the sum of all future premiums. See http://www.americansavingslife.com/policy-sales/advance-premium-deposit-(apd) for an example of one company's advance premium desposit account and read what they have to say about it.


Payment of insurance is nothing but the premium paid towards the insurance policy. The premium amount includes the charge of coverage per unit (for example, the charge of coverage for $1000 might be $10. So, to have an insurance coverage for $10,000 the charge of coverage would be $100) plus the expenses incurred by the insurance company for the policy.


An insurance premium is the amount of money paid on a periodic basis for insurance of a given kind. The kind of insurance involved does not alter the definition of the term "premium". Therefore, a life insurance premium is an incremental amount paid for life insurance, and a non-life insurance premium is an incremental amount paid for another kind of insurance.


The premium is the cost that you must pay to have the insurance.


Yes, it is. Long term care insurance premiums are tax deductible. Premium payments are considered to be medical expenses and they are deductible as long as the medical expenses exceed 7.5% of the individual's income.


A premium is the amount of money you pay the auto/health insurance company monthly, quarterly, or biannually whether or not you get in an accident or go to the hospital. The higher your premium the lower your deductible, and the lower your premium the higher your deductible. A deductible is the amount of money after you get in a car accident or visit the hospital before your insurance company pays anything. After you have met your deductible the insurance company covers the rest of the expenses.


Single premium life insurance is life insurance coverage in which one premium payment is made and the life insurance policy is fully paid up with no additional life insurance premium payments required.


Health insurance is an insurance product that provides cover for medical and surgical expenses of an insured person, in case of a medical emergency. However, you are required to pay a premium to avail of health insurance policy. Insurance Best rates In Ontario. Visit isure.ca


In your Income and Expenditure Account, show the Health Insurance premium paid by you as expenses and claim income tax rebate as permissible in Income Tax Act of your country.


debit insurance premiumcredit cash / bank


Having a high deductible will not cause your insurance premium to be higher.


It would be life insurance on a single life. Most likely you mean Single Premium Whole life which is a policy that you only pay one premium. It is highly appropriate and valuable over keeping money in the bank to pay for final expenses or transfer of wealth.


Premium loading is an amount an insurance company adds to the basic premium to cover the expense of securing and maintaining the business.


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.


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.


An Actuary is the person in an insurance company who calculates the premium


debit insurance premium expensecredit cash / bank



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