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Life Insurance Claimant Statement Generic  Form

Life Insurance Claimant Statement Generic Form

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[Music] let's take a look at how journal entries are made for insurance claims received the situation arises when a company receives the insurance claim from the company which is the insurer for the destroyed fixed asset that has been insured please note that if the company receives an insurance claim from the insurance company amounting to 100 of the lost value of the fixed asset this can make the journal entry for insurance claim received by debiting the cash account and the accumulated depreciation account crediting the fixed asset account in this journal entry the credit of the fixed asset is to remove it from the balance sheet as it should already have been destroyed by the accident say for instance because of fire to have received the insurance claim from the insurance company similarly the related accumulated depreciation also needs to be removed from the balance sheet too hence the company needs to debit the accumulator depreciation account as in the journal entry above

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