Insurance
Policy Reinstatement — Back Premium Collected
Reinstating a lapsed policy after the insured pays arrears of premium.
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| Cash / Premium Receivable (Arrears) | Asset (+) | 650.00 | - |
| Written Premium — Reinstatement | Revenue (+) | - | 650.00 |
💡 Accountant's Note
Reinstatement restores lapsed cover from the reinstatement date (not retroactively). The back premium covers the gap period if the insurer agrees to backdate the reinstatement.
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