Insurance
Run-Off Portfolio — Reserve Transfer
Transferring claims reserves for a discontinued line of business to a run-off reserve account.
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| Outstanding Claims Reserve (Active Portfolio) | Liability (-) | 500,000.00 | - |
| Run-Off Claims Reserve | Liability (+) | - | 500,000.00 |
💡 Accountant's Note
When a line of business is discontinued, its remaining liabilities are placed into run-off. Segregating these reserves helps management track the remaining exposure and cost of the discontinued book.
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