1. Dr.S.S.Jadhav Head, Dept of Commerce mrs.k.s.k. college beed

2. General Insurance Account
Definition of insurance:- Insurance is a form of co-operation through which loss suffered by one is shared by many and makes good the loss suffered by any of them.
Types of Insurance:-
Life Insurance:- Life insurance is a long term contract. The insurance company agrees to pay, in consideration of premium, a certain sum either on the death of the policy holder or on the expiry of specified period. Since the amount of policy is payable sooner or latter, life insurance become a protection-cum- investment contract.
General Insurance:- General Insurance is a simply a contract to make good a loss. That means, the policy money is not payable if there is no loss. Thus general insurance merely gives protection against loss. There is no element of investment in it.
Fire insurance covers loss by fire. Marine insurance covers loss by caused to ship, cargo and fright. Accident insurance covers the loss caused to men or vehicals in an accident.

3. Form of Revenue Account
Prescribed forms
Form F
Form of Revenue Account
Particular
Rs.
Claim Paid ….
Add Expenses
Regarding Claims …..
Add Claims Outstanding at
the end of previous year ….
Less Claims
Outstanding at the end of
previous year …..
Less Reinsurance recoveries ….
____
2. Commission
On direct business ….
On reinsurance accepted ….
3. Expenses of Management
4. Bad debts
5. Taxes
6. Other Expenditure
7. Profit-
Transfer to Profit & Loss A/c
8. Balance of Account at the end of the year
i) Reserved for unexpired Risk ….
ii) Additional reserve if any …..
……. ……
_____
1. Balance of Account at the beginning of the year
i) Reserved for unexpired risk …..
ii) Additional Reserve, if any ….
2. Premium
Less Reinsurance premium …..
3. Interest, dividends and Rents ….
Less Income Tax thereon ….
4. Commission on reinsurance ceded
5. Other income
6. Loss (if any)
Transfer to Profit and loss Account
….. …… ……

4. Form of Profit and Loss Account
Form B
Form of Profit and Loss Account
Particular
Rs.
Taxes
Expenses of Management
Loans of Realisation of Investment
Depreciation of Investment
Loans Transferred from revenue account
Other expenditure
Net Profit
Transfer to Profit & Loss A/c
Appropriation A/c ….
_____ 1
____ …… ……