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..
One of the first instruments of modern international law was the Lieber Code, passed in 1863 by the Congress of the United States, to govern the conduct of US forces during the United States Civil War and considered to be the first written recitation of the rules and articles of war, adhered to by all civilised nations, the precursor of international law.