Business, Legal & Accounting Glossary
Payment made in advance in return for insurance services that are to be rendered over a specified period of time. A person or entity who purchases prepaid insurance is called a policy holder. They are liable for any deductibles should an insurance claim be filed. This is accounted for as a short-term asset or a prepaid expense on company books.
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This glossary post was last updated: 16th November, 2021 | 0 Views.