Insurance
Motor Policy Excess Collected from Insured
Collecting the policy excess (deductible) from the insured before releasing the claim payment.
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| Cash in Bank (Excess Received) | Asset (+) | 500.00 | - |
| Claims Reserve (Gross Claim Reduced) | Liability (-) | 500.00 | - |
💡 Accountant's Note
The excess is the first amount of any claim borne by the insured. Collecting it reduces the net claim payment. The claims reserve should reflect the gross loss; the excess collection offsets part of the settlement.
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