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Member Premium Refunds
Where should the accounts receivable balance for member premium refunds be presented on the assets page?
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#2
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Member Premium refunds
Hello LuciP-DH.
Usually if you are paying the member/policyholder a refund you would expect : DR Premium CR Cash upon payout if you still have the refund as a payable at the quarter or year end that is a payable, not a receivable : DR Premium CR Premium Payable ( CR the Due premium line , page 2, line 15.1) You are indicating you have a receivable ? Then it sounds like a return of premium due and not a refund . A refund goes out the door to the member whereas a receivable or return of premium due is on the asset page 2, line 15.2 as a debit. Answer : Page 2, line 15.1 for Due premium - DRs Regards, Glenn
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Glenn Sackett Booke Seminars Life Instructor |
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