Prepaid Insurance Expense

Prepaid Insurance Expense,

What Does Prepaid Insurance Expense Mean?

  1. Prepaid insurance costs are the amount of premium paid for an insurance policy that is recorded as an asset at the time of payment because insurance coverage has not yet begun. From the beginning of insurance, a portion of this amount is recognized as an expense until each payment is deducted and the asset eventually becomes an expense.

Literal Meanings of Prepaid Insurance Expense

Prepaid:

Meanings of Prepaid:
  1. Paid or prepaid.

Sentences of Prepaid
  1. The best thing about prepaid credit cards is that you can't spend more than you set.

Insurance:

Meanings of Insurance:
  1. The process or arrangement in which a company or government agency guarantees compensation for some loss, injury, illness or death in exchange for premium payments.

  2. Anything that provides protection against possible emergencies.

Sentences of Insurance
  1. Meeting a high standard of personal conduct is the best protection against personal problems.

Synonyms of Insurance

indemnification, shelter, indemnity, security, safeguard, provision, precaution, financial protection, protection, safety measure, immunity, surety, cover, preventive measure, defence

Expense:

Meanings of Expense:
  1. The price of something, the money spent on something.

Sentences of Expense
  1. Up to Rs 17,500 can be collected in capital expenditure this year

  2. We order apparel at a high price

Synonyms of Expense

price, cost