Accounts- Insurance
This query is : Resolved
20 November 2007
hii frnzz
pl explain me what is UNEARNED PREMIUM and Reserve for unexpired risk......
if possible with an example..
pl explain me what is UNEARNED PREMIUM and Reserve for unexpired risk......
if possible with an example..
20 November 2007
Unearned premium is premium received in advance. Reserve for unexpired risks arise in general insurance and is a provision to be made for claims likely to arise in future for policies that are live at the end of the year for which a revenue a/c(P&L a/c) is prepared. It is provided on an esimated basis at 40% or 50% of net premiums in fire and Misc. insurances and 100% of net premiums on Hull or marine insurance
20 November 2007
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