At the time a payment is made that represents a prepayment of an expense, a prepaid account such as Prepaid Insurance is debited and the Cash account is credited. This records the prepayment as an asset on the companyâs balance sheet.
English and American cases dealing with the insurance meaning of war have defined it in accordance with the ancient international law definition: war refers to and includes only hostilities carried on by entities that constitute governments at least de facto in character..
proxy war - a war instigated by a major power that does not itself participate. state of war, war - a legal state created by a declaration of war and ended by official declaration during which the international rules of war apply; war was declared in November but actual fighting did not begin until the following spring.