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.
.png)
.png)
.png)
.png)
.png)
.png)
Top Reviews
Introduction to Statistics for CA Foundation
Introduction to Statistics for CA Foundation Business Mathematics, Logical Reasoning and Statistics is designed as per latest CA Foundation syllabus for Paper 3 to provide a firm grounding in the principles, techniques and practice. The book adopts self-study approach and has been written in student-friendly manner. With a blend of conceptual learning and problem-solving approach, it offers in-depth understanding of the basic mathematical and statistical tools. #introductiontostatistics
.jpg)
Chapter X of Companies Act 2013
Chapter X of Companies Act 2013 The company shall place the matter relating to such appointment for ratification by members at every annual general meeting. ... Under the Act, the provisions for rotation of auditors in the listed Company & certain other class of Companies, have been provided for. #chapterxofcompaniesact2013
.jpg)
Relevant sections under the Companies Act, 2013 dealing with fraud and false statements
Relevant sections under the Companies Act, 2013 dealing with fraud and false statements The new parent corporate law “The Companies Act 2013” is mostly ... I am limiting my write-up to the provisions to the Act, and I request the readers to refer relevant rules, if any, before ... in the 2013 Act is the Section 447 dealing with “Punishment for fraud”. ... Section 448
.jpg)
What is Corporate Image
What is Corporate Image A corporate identity or corporate image is the manner in which a corporation, firm or business enterprise presents itself to the public. The corporate identity is typically visualized by branding and with the use of trademarks, but it can also include things like product design, advertising, public relations etc #WhatisCorporateImage
.jpg)
What is Energy Audit
What is Energy Audit An energy audit is an inspection survey and an analysis of energy flows for energy conservation in a building. It may include a process or system to reduce the amount of energy input into the system without negatively affecting the output. #whatisenergyaudit
