Which account refers to the reserve set-aside that contains the portion of a premium that has been paid before insurance coverage has been provided?

Question

Quizplus · Accepted Answer

Unearned premiums refer to the reserve set-aside that contains the portion of a premium that has been paid before insurance coverage has been provided. Prepaid premiums are also a reserve set-aside, but they refer to premiums that have been paid in advance for coverage that will be provided in the future. Premium reserves and policy reserves are not specific to unearned premiums and may refer to other types of reserves within an insurance policy.

Which Account Refers to the Reserve Set-Aside That Contains the Portion