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..
The older sense (âwaging warâ) is generally used to refer to the actions or combatants of a nation at war, or to the nation itself (belligerent operations; belligerent troops; âthe belligerent stateâ); it is paralleled by the earliest sense of the noun, âa nation at warâ (âthe belligerents assembled at the peace conferenceâ).