For the purposes of maintenance of accounts, two types of books are required to be maintained by such organisations. Statutory Books: (a) Register of Policies: It contains the particulars in respect of each policy issued by the insurer such as the name and address of the policy holder, date when the policy was affected and record of the assignment of [...]
Here is a compilation of top five accounting problems on accounts of insurance companies with its relevant solutions. Problem 1: From the following data relating to claims of an insurance company calculate amount of claims to be debited to Revenue Account for the year ended 31st March 2006: Problem 2: From the following particulars of the Life Insurance Company [...]
Indian Insurance business can be divided into two categories: (A) Life Insurance (B) General Insurance: which includes (a) Fire Insurance (b) Marine Insurance (c) Miscellaneous Insurance (A) Life Insurance: Life insurance is a contract in which insurer, in consideration of a premium, undertakes to pay a certain sum of money either on the death of the insured to his/her nominees [...]