Question

insurance premium is which type of account

personal account
real account
nominal account

Answer 1

Answer:

✨Prepaid insurance is considered a business asset, and is listed as an asset account on the left side of the balance sheet. The payment of the insurance expense is similar to money in the bank, and the money will be withdrawn from the account as the insurance is "used up" each month or each accounting period.

Answer 2

Insurance premium is a personal account.

1. Life insurance premium is assorted as a personal account, because the insurance premium that is paid illustrates the amount of money that is paid or expend for a person.

2. A personal account refers to an account that is utilized by a person for that person's self needs. It is a respective term to distinguish them from all those accounts for the purpose of business or corporate.

3. A life insurance premium can be defined as the expense that you pay your life insurance company in interchange for your life insurance policy analysis.