After studying this chapter you should be able to:
Understand the meaning and types of insurance business(policies)
Know the principles of insurance
Distinguish between life and non-life insur-insurance
Learn the legal provisions relating to insurance business
Know the books of account maintained for insurance business
Explain certain special terms associated with insurance business such as claims, premiums, reinsurance and reserve for unexpires risk.
Prepare Valuation balance sheet and final accounts of life insurance business
Prepare final accounts of general insurance business
Insurance business differs from other business entities. The terms used in insurance business are new and very ...