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..
(prÉªËÉmpÊÉn) n. 1. (Law) law the purchase of or right to purchase property in advance of or in preference to others. 2. (Law) international law the right of a government to intercept and seize for its own purposes goods or property of the subjects of another state while in transit, esp in time of war.