The premium received under Annuity plans is recorded as ______in the books of insurance company
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For the insurance company the premium will be treated as the revenue income.
The Insurance company deals in selling the insurance plans to its customer for in return customer need to pay premium to the company.
In India the biggest insurance corporation is life insurance corporation of India,(LIC).
type of insurance plans available are:
1. Term life insurance
2. Health insurance
3.critical illness insurance
4.whole life insurance
5.General insurance
for insurance company the annuity they paid is expenses for them and the premium they receive is income for them.
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