Bookkeeping For Insurance

Accounting for Insurance Companies

Accounting is a system of recording, analyzing and verifying an organization’s financial status. The insurance industry is divided into two major segments: property/casualty. Broadly speaking, property/casualty policies cover homes, autos and businesses; life/health insurers sell life, long-term care and disability insurance, annuities and health insurance. U.S. insurers submit financial statements to state regulators using statutory accounting principles, but there are significant differences between the accounting practices of property/casualty and life insurers due to the nature of their products. These include: Contract duration, Variability of claims outcomes per year.

Bookkeeping for Insurance Brokers

Bookkeeping is very importance for the Insurance brokers to calculate the commissions. If it is not check through it may create problem in the future. An efficient bookkeeper can handle all the bookkeeping tasks involved in the insurance company and help you to calculate the right percentage of commission.

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General Questions : FAQ’s

Q. What is bookkeeping insurance claim?
A. The money received from an insurance company for a claim involving a loss on inventory stock is debited to Cash. Any other proceeds from disposing of the inventory items will also be debited to Cash.
Q. what is Professional Indemnity (PI) insurance?
A. Professional Indemnity (PI) insurance indemnifies the professional bookkeeper from losses suffered by third parties due to negligence, error, failure or mistake on the bookkeeper’s part. PI cover provides funds to make good the loss suffered by a third party and to pay the costs of defending an action to ascertain liability.
Q. Why to have PI Insurance?
A. PI Insurance is an important protection for any professional person or organization. It mitigates the financial exposures you face of being in business and, in doing so, helps to better safeguard your business and personal assets.
Q. Who is an insurance agency Bookkeeper?
A. Insurance agency bookkeeper is a specialist in providing accounting support services to Independent Insurance Agencies. They are led by experienced insurance agency accounting professional who offers a variety of services ranging from routine bookkeeping on a daily/weekly basis to monthly financial reviews to one-time clean-up projects.