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Prepayment of the premium before it is due.

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Q: What is insurance premium paid in advance called?
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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 advance insurance premium paid in cash?

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


What is unexpired expense?

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


What is the amount paid periodically for insurance?

Premium


What insurance policy requires payment of premiums to be paid for a specific time period?

They are called 'Limited Payment Life Insurance Policy' where premium has to be paid for a specific time period.


Using the policy dividends as a single premium to buy additional life insurance is called?

The term you are looking for is "paid-up additions" or "paid-up additional life insurance"


What is Advance Premium Deposit in Insurance Company?

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.


Can you purchase life insurance in a lump sum single payment?

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.


Does insurance premium mean monthly?

No. The premium is the price you pay for the coverage. Depending on your insurance company, the premium may be paid all at once or in payments.


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.


What is the term for the amount you and your employer pay in exchange for insurance coverage?

The amount that is paid for any kind of insurance is called "premiums". The same term applies whether an employee or employer pay for the insurance.


What is the journal entry for paid insurance premium?

debit insurance premiumcredit cash / bank