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 [...]
In this article we will discuss about:- 1. Introduction to Insurance 2. Meaning of Insurance 3. Legal Framework for Insurance Business. Introduction to Insurance: There is always an element of uncertainty about the future. This compels man to take necessary steps to protect himself against unforeseen calamities. Man is always fighting for safety since the early age of life. Man's [...]