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Corporate Accounting by V. Rajasekaran, R. Lalitha

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14

Insurance Company Accounts

LEARNING OBJECTIVES

After studying this chapter you should be able to:

  1. Understand the meaning and types of insurance business(policies)

  2. Know the principles of insurance

  3. Distinguish between life and non-life insur-insurance

  4. Learn the legal provisions relating to insurance business

  5. Know the books of account maintained for insurance business

  6. Explain certain special terms associated with insurance business such as claims, premiums, reinsurance and reserve for unexpires risk.

  7. Prepare Valuation balance sheet and final accounts of life insurance business

  8. Prepare final accounts of general insurance business

Insurance business differs from other business entities. The terms used in insurance business are new and very ...

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