Debit Life Insurance — industrial life insurance—that is, life insurance purchased primarily by people with low income levels under which the premium is collected weekly, biweekly, or monthly.
Why is insurance a debit?
Generally, Prepaid Insurance is a current asset account that has a debit balance. The debit balance indicates the amount that remains prepaid as of the date of the balance sheet. As time passes, the debit balance decreases as adjusting entries credit the account Prepaid Insurance and debit Insurance Expense.
What are the 3 types of insurance?
Then we examine in greater detail the three most important types of insurance: property, liability, and life.
Is insurance a credit or debit?
When you pay for the insurance policy, you credit cash because cash is reduced. As time elapses, you allocate the insurance expense to each month in a journal entry that can be automatically created (dividing an annual policy cost by twelve months). The account debit is insurance expense, which is increased.
What is the purpose of insurance account?
Its aim is to reduce financial uncertainty and make accidental loss manageable. It does this substituting payment of a small, known fee—an insurance premium—to a professional insurer in exchange for the assumption of the risk a large loss, and a promise to pay in the event of such a loss.
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