Prepaid insurance

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Parvinder Singh

Parvinder Singh (Querist)
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14 December 2013 What is the difference between Insurance and Prepaid Insurance???

Sanket

Sanket (Expert)
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14 December 2013 Payment made in advance in return for insurance services that are to be rendered over a specified period of time. A person or entity who purchases prepaid insurance is called a policy holder. They are liable for any deductibles should an insurance claim be filed. This is accounted for as a short-term asset or a prepaid expense on company books.

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Nikhil Kaushik

Nikhil Kaushik (Expert)
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14 December 2013 premium paid for the insurance for current financial period would be referred to as insurance. premium paid for insurance for future period will be called prepaid insurance.

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