Insurance
Life Insurance — Whole Life / Endowment Premium
Recording the annual premium for a 20-year endowment policy with savings and protection components.
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| Premium Receivable (Life — Endowment) | Asset (+) | 3,600.00 | - |
| Written Premium — Life Endowment | Revenue (+) | - | 3,600.00 |
💡 Accountant's Note
Long-term life products require complex reserve calculations. Under IFRS 17, the premium is not simply written — it feeds into the cash flow projections for the CSM and BEL liability measurement.
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