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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
Can an insurance company that issued a general liability policy send a bill pursuant to an audit and request additional premiums on a policy that expired 6 months earlier?
Yes many Liability Policy are subject to audits which occur on policies after the term dates. The reason for this is that the original policy premium is generally based on estimates of of the exposure basis (i.e. payrolls, receipts, etc.) The insurance company is entitled to audit at the end of the policy term to adjust the premium to reflect the actual exposures.
Will my insurance company find out my drivers license is expired?
Yes, your insurance company can find out if your driver's license is expired. When you apply for or renew your insurance, they typically check your driving record, which includes the status of your license. If they discover that your license is expired, it could affect your coverage or premium rates. It's best to keep your license current to avoid potential issues with your insurance.
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.
What is an example of expired cost?
An example of an expired cost is a prepaid insurance premium. When a company pays for insurance coverage in advance, that payment is recorded as an asset. As time passes and the insurance coverage is used, the cost becomes an expired cost, gradually being recognized as an expense on the income statement, reflecting the consumption of the service over time.
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.
If I cancel my insurance policy, will I receive a refund?
If you cancel your insurance policy, you may receive a refund for the unused portion of the premium you have already paid.
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.
How do employers typically cover the costs of health insurance for their employees?
Employers typically cover the costs of health insurance for their employees by either paying a portion of the premiums directly to the insurance company or by offering a group health insurance plan where employees contribute a portion of the premium through payroll deductions.
What does insurance premium mean?
The premium is the cost that you must pay to have the insurance.
Is it possible to receive a refund on insurance?
Yes, it is possible to receive a refund on insurance if you cancel your policy before it expires or if you have overpaid for coverage. Refunds are typically issued for the remaining unused portion of the premium.
Does health insurance automatically deduct from every paycheck?
Health insurance deductions from paychecks are not automatic for every employee. Some employers offer health insurance as a benefit and deduct the premium from each paycheck, while others may require employees to contribute a portion of the premium themselves. It ultimately depends on the specific health insurance plan and employer policies.
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.
