Accounts- Insurance

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sangita (Querist)
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20 November 2007 hii frnzz
pl explain me what is UNEARNED PREMIUM and Reserve for unexpired risk......
if possible with an example..

K.BADRI NARAYANAN

K.BADRI NARAYANAN (Expert)
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20 November 2007 Unearned premium is premium received in advance. Reserve for unexpired risks arise in general insurance and is a provision to be made for claims likely to arise in future for policies that are live at the end of the year for which a revenue a/c(P&L a/c) is prepared. It is provided on an esimated basis at 40% or 50% of net premiums in fire and Misc. insurances and 100% of net premiums on Hull or marine insurance

KAAPIL

KAAPIL (Expert)
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20 November 2007 I hope the query is resolved. I hope this is from examination point of view.

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