Question

is insurance recieved an income or an asset?

Answer 1

Answer:

Permanent life insurance policies always count as an asset. Universal and whole life insurance both accumulate cash value with tax-deferred interest and allow the insured to convert the coverage into currency at any time while still alive.

For example, auto, business and liability insurance costs are expensed. Expenses are on the income statement. Pre-paid insurance, the amount of insurance coverage remaining from insurance premiums already paid at year end (or other period end) is a pre-paid expense. This is on the Balance Sheet as a current asset.

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