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What else can I help you with?
What is the excess of loss reinsurance coverage effect on unearned premium?
If we're talking about P & C insurors, SSAP 62R states that when payments are made for prospective reinsurance, both written premium and earned premium are reduced. I take this to mean that the liability account 'Unearned Premiums' would not reflect any amount parenthetically for 'after deducting unearned premiums for reinsurance', but I don't have much confidence that I'm interpreting it correctly.
What branch of insurance was unearned premium started?
Life
What happens when your car insurance is cancelled by the insurance company?
What happens is that you get a new insurance policy, possibly with another insurer. Any unearned premium will be returned to you by your insurer.
Is unearned revenue an revenune account?
No, Unearned revenue is a current liability What unearned revenue is, is it is (so many is') someone saying "here, I will pay you 500$ for one year's worth of insurance" (or something else that can be prepaid) You have NOT EARNED this yet. You still owe the person one year's worth of insurance coverage, so it is a liability to you. Another example. You give me 500$ to mow your lawn for the next month. According to the matching principle, I have not earned this revenue if there are expenses left out on my part. I owe you one month's worth of mowing your lawn and at the end, then it is a revenue. Here is the journal entry for it: When I receive money in promise for mowing your lawn. (showing my books) Debit Cash Credit Unearned Revenue At the end of that month Debit Unearned Revenue Credit Revenue Hope that helps!
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.
State guranty fund exclusions typicaly omit coverage for what?
State guaranty fund exclusions typically omit coverage for claims related to certain types of policies, such as non-life insurance products, workers' compensation, and certain specialty lines like title insurance. Additionally, they often exclude coverage for claims arising from fraudulent activities, certain contractual liabilities, and policies issued by insurers that were not licensed in the state. Other common exclusions may include claims related to premium refunds or unearned premiums.
If you cancel a home insurance policy is there any money to be paid back to you?
Yes, unearned premium if any will be refunded to you.
What is Unearned fees and unearned revenue?
Unearned fee and unearned revenue is that amount which is received from client in advance but actual services are not provided yet to client.
Where does the unearned fees appear?
Unearned Fees appear on the
How do you terminate a life insurance policy?
Contact the insurance company at their home office (policy holder service) and request the proper form to cancel coverage. If the policy is in force and premiums are paid up to date, then any cash value or dividend additions/accumulations (if the ins. co. is a Mutual co.) will be paid, plus any amount of the current premium that is "unearned." If the policy is a term contract, and the premiums are paid up to date, then only the amount of "unearned" premium will be refunded. Another way to terminate a contract, (especially term ins.) is to simply not pay the premiums which are due, and let it "lapse."
Must you report casino wins of any amount if collecting unemployment insurance in Michigan?
No, you do not have to report any amount of casino, lottery, bingo....winnings in Michigan if collecting unemployment insurance...it is an unearned income.
Unearned revenue is initially recognized with a?
credit to unearned revenue
