ACCOUNTS OF INSURANCE COMPANY
Meaning of Insurance: The word "insure" means "to make an arrangement
for the payment of a sum of money in the event of loss or injury to..." and
Insurance' means "act or System of insuring."
Under an insurance contract, one party, called insurer, undertakes to
indemnify the losses suffered by the other party, called insured, for
some specified causes in consideration for a fixed premium.
The document that contains terms of insurance contract is called
Insurance Policy.
An insurance company makes profit if the claims of loss and expenses
of insurance company are less than the premium collected by it. if the
claims of loss and expenses are more than premium, it sustains losses.
1.Preparation of Financial Statements: Every insurer carrying on LIFE
insurance business shall prepare revenue account in Form A-RA, profit and
loss account in form A-PL and balance sheet in form A-BS. Every insurer
carrying on GENERAL insurance business shall prepare revenue account in
Form B-RA, profit and loss account in form B-PL and balance sheet in form B-
BS.
2. The act prohibits payments of commission to any person other than
authorized agent subject to a maximum of 15% of the premium.
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Salary of a Qualified CMA
Salary of a Qualified CMA
Best Career Option After Class 12th
Best Career Option After Class 12th
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Why to choose career in "CMA" ?
The Reasons to Choose a Career in "CMA"
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