Insurance
Claim Admitted and Paid
Settling an approved motor accident claim by payment to the insured.
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| Claims Reserve (Outstanding Reported) | Liability (-) | 5,000.00 | - |
| Cash / Bank (Claim Payment) | Asset (-) | - | 5,000.00 |
💡 Accountant's Note
When a claim is settled, the reserve (set up when the claim was reported) is cleared against the cash payment. If the payment differs from the reserve, the difference is a claims development gain/loss.
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