I m sharing a short cut to remember the format of revenue account of insurance company given by Deepak Jaggi sir of Sukh sagor Institute. All the credit goes to this person who has given such an gr8 way to remember such formats.
Format of Revenue Account
Slogan: "Plains Out Checks In"
P = Premiums Earned
O = Other Incomes
C = Change in reserve for unexpired risk.
I = Interest, Rent, Dividend Gross.
"Charming Colors Out Out"
C = Claims Incurred
C = Commission
O = Operating Expenses related to insurance business
O = Other Expenses (bad debts)