Insurance Expense
/ɪnˈʃʊərəns ɪkˈspɛns/
Definitions
- (n.) The cost recorded as an expense for insurance premiums paid during a financial period.
The company reported insurance expense of $10,000 for the fiscal year.
Forms
- insurance expense
- insurance expenses
Related terms
See also
Commentary
Insurance expense typically refers to the accounting recognition of insurance premium costs; when drafting, distinguish it clearly from accrued insurance liabilities.
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