What is the meaning of joint life policy?
What is a Joint Life Term Insurance policy? The Joint life term insurance policy gives coverage to two people. The premium is paid by both the insured pears for the fixed period, and the pay-out is on a first death basis. In case one of the policyholders dies, the sum assured is paid to the other policyholder.
What is joint life policy reserve account?
Premium Paid is treated as an Asset\n\n In this situation, partners debit the amount of insurance premium to Joint Life Policy A/c and credit to Bank A/c.
When the joint life policy premium paid is treated as expenses of the firm it is to be debited to?
Definition: It is the amount the policyholder will get from the life insurance company if he decides to exit the policy before maturity.
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