Insurance
Written Premium — New Policy Issued
Recording the full annual premium when a new motor or property insurance policy is issued.
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| Premium Receivable / Cash | Asset (+) | 1,200.00 | - |
| Written Premium (Gross) | Revenue (+) | - | 1,200.00 |
💡 Accountant's Note
Written premium is the total premium contractually due on a policy written during the period. It is the gross amount before reinsurance cession. Earned premium is recognized separately as time passes.
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