Insurance
Life Insurance — Term Policy Premium Written
Writing an annual term life policy providing a death benefit with no cash value.
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| Premium Receivable (Life — Term) | Asset (+) | 600.00 | - |
| Written Premium — Life Term | Revenue (+) | - | 600.00 |
💡 Accountant's Note
Term life is the simplest life product — pure protection with no savings component. The UPR is calculated and deferred. If the insured survives the term, the premium is fully earned with no benefit paid.
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