FINAL ACCOUNTS OF LIFE INSURANCE - Notes - Home
FINAL ACCOUNTS OF LIFE INSURANCE
Introduction:
Life is full of problems and uncertainties. Attempts are being made to reduce these problems and uncertainties and where possible, to eliminate them. Everyone is exposed to some risk or the other, whatever the precaution taken. Life is prone to accidents and buildings and goods may be destroyed or damaged due to fire, flood or cyclone. Insurance is a way of protecting people and things against such unexpected losses. The primary object of insurance is to substitute certainty for uncertainty as regards the economic cost of loss producing events.
Life (Insurance) Assurance:
Life Assurance is a contract whereby the insurer, in consideration of a premium, paid either in lumpsum or in periodical installments undertakes to pay an annuity or a certain sum of money, either on the death of the insured or on the expiry of a certain number of years. The amount is paid to the nominee of the insured if the insured dies before the policy matures. The person who agrees to pay an annuity or a certain sum of money (i.e., who indemnifies) is called the Insurer. The person whose life is insured (i.e., the one to whom the money is payable) is called the Assured and the consideration paid periodically or otherwise is called the premium.
Life Insurance contract is a contingent contract i.e., the claim becomes payable only when the contingency – death or completion of the stipulated period occurs.
Final Accounts – Credit Side Items:
1. Life Assured Fund: The difference between total receipts and total expenditure of a life insurance company is not profit but is a reserve with which the net liability will be compared when ascertained. The name of this reserve is Life Assurance Fund. Life Assurance Fund appears as the first item on the credit side and it is carried forward from the previous year.
2. Premium: It includes the premium received or yet to be received for the relevant year less any premium paid or to be paid on re-insurance plus the bonus in reduction of premium.
3. Considerations for Annuities Granted: Any lumpsum payment received in lieu of granting annuity is called consideration for annuities granted.
Annuity is an annual payment made by an insurance company to any person, in consideration for a lump sum of money received in the beginning. The payment is made by the insurance company as long as one lives.
Final Accounts – Debit Side Items:
1. Claims: Claim is the amount payable by the insurance company to the insured, or his nominee on the policy. In the case of an endowment policy the claim arises either on the death or on the policy holder reaching a stipulated age, whichever is earlier. In the case of a whole life policy the amount is payable only on the death of the policy holder. Claim on the death of a policy holder is called Claim of Death. Claim on the policy holder reaching a stipulated age is called Claim by Maturity or Survivance. Claims include reversionary bonus and interim bonus.
2. Surrender Value: It is the amount which a policy holder can get immediately in cash from the insurance company if he stops paying the premium and claims the amount paid till then. Surrender value is the present cash value of the policy.
3. Bonus: It is the share of profit which a policy holder gets from the life insurance company. Bonus in cash is, as the name suggests, the amount of bonus payable in cash to the holder of a ‘With Profit Policy’. Bonus in cash is payable immediately.
Bonus may be Reversionary Bonus or Bonus in reduction of premium. Reversionary premium is the bonus payable on the maturity of the policy. Bonus in Reduction of Premium is bonus payable in cash but which is utilized by the policy holder to adjust the premium due by him. There is also what is called the Interim Bonus which is bonus payable on the maturity of a policy pending the ascertainment of profit. With profit policies are those on which, in addition to a guaranteed sum payable on maturity, a share of profits of the company will also be payable. Without Profit Policies are those on which the policy holder gets only a fixed sum of money on maturity and on profit will be paid.
4. Re-insurance: It refers to insurance effected by an insurance company in order to cover itself against a large risk. Suppose a person has insured a building with company X for Rs.1000000. Company X can reduce its risk by getting this person or building insured with company Y either for a part of the amount or full amount. In other words company X has re-insured. If company Y wants to reduce its risks, it can insure the same with company Z, in which case it will be called retrocession. The re-insurance company will pay a commission on the premium received. In the above example, company Y will pay a commission to company X. For company Y it will be commission on reinsurance accepted. For company X the same commission is an income and is called commission on reinsurance ceded.
1. The following balances were extracted from the books of Cosmopolitan Life Insurance Company as on 31.03.2006. You are required to prepare its final accounts.
| |Rs. |
|Shareholders Capital Rs.5,00,000 in 20,000 shares of Rs. 25 each, Rs.10 per share paid up |200000 |
|Claims under policies paid and outstanding less received on reassurance |4500000 |
|Life Assurance Fund (1.4.2005) |48000000 |
|Investment Reserve Fund (1.4.2005) |5000000 |
|Expenses of Management |1500427 |
|Investments |51000000 |
|Freehold and Leasehold Property |2500000 |
|Unpaid Dividends |51790 |
|Outstanding Premia (Net) |603200 |
|Claims admitted or intimated but not paid |3000000 |
|Outstanding Interest |590000 |
|Surrenders |358950 |
|Annuities |30000 |
|Premia less reassurances |7500000 |
|Consideration for annuities granted |50500 |
|Bonus in reduction of premium |4000 |
|Gain on redemption of debentures (to be carried to Investment Reserve Fund) |20000 |
|Interests, Dividends and Rents Received |3200337 |
|Interest accrued |317000 |
|Income-tax |280149 |
|Transfer Fees |6430 |
|Agent’s Balances |145904 |
|Furniture and Fittings |90500 |
|Loans on Companies’ Policies |4900000 |
|Cash in hand and at Banks |364000 |
|Stamps on hand |7322 |
|Cheques paid into Banks and in course of collection |49000 |
|Cheques issued but not presented for payment |66520 |
|Sundry Creditors |44875 |
|Premia received in advances |100000 |
2. The following balances were extracted from the books of Mutual Life Assurance Company as on 31.03.2006.
|Debit |Rs. |Credit |Rs. |
|Mortgages |1400000 |Outstanding claims |22000 |
|Buildings |145000 |Premiums |3394000 |
|Loans |155000 |Consideration for annuities granted |420000 |
|Investments |1200000 |Interest and Dividends |100000 |
|Surrenders |25000 |Life Assurance Fund |950000 |
|Annuities |12000 |(1.4.2005) | |
|Claims by death |700000 | | |
|Claims by maturity |1000000 | | |
|Agent’s Balance |5000 | | |
|Deposits with RBI |30000 | | |
|Outstanding Premiums |35000 | | |
|Commission |54000 | | |
|Cash at Bank |50000 | | |
|Sundry Debtors |63000 | | |
|Bonus in reduction of Premium |5000 | | |
|Interest accrued but not received |7000 | | |
| |4886000 | |4886000 |
You are required to prepare the final accounts after taking into account the following adjustments;
a. Premiums outstanding 4500
b. Interest accruing but not due 3700
c. Claims admitted but not paid 3200
d. Surrender claims not paid 1100
e. Further bonus utilized in reduction of premiums 2000
3. The following trail balances was extracted from the books of New Bharat Life Assurance Company Limited as on 31.03.2006.
| |Debits Rs. |Credits Rs. |
|Paid up Capital (10000 shares of Rs.10 each) | |100000 |
|Life Fund Balance (1.4.2005) | |2972300 |
|Dividends Paid |15000 | |
|Bonus in reduction of Premium |31500 | |
|Premium less reinsurance premium | |161500 |
|Claims paid |197000 | |
|Outstanding claims (1.4.2005) | |7000 |
|Commission |9300 | |
|Management Expenses |32300 | |
|Mortgages in India |492200 | |
|Interest and Dividends received | |112700 |
|Agents balances |9300 | |
|Freehold premises |40000 | |
|Investments |2305000 | |
|Loans on Companies Balances |173600 | |
|Cash on deposits |27000 | |
|Cash in hand and current accounts |7300 | |
|Surrenders |7000 | |
|Medical fees |7000 | |
|Consideration for annuities granted | |10000 |
|Annuities |10000 | |
| |3363500 |3363500 |
Prepare revenue account for the year ended 31st march 2006 and a balance sheet of the company as at that date after taking the following into consideration.
1. claims outstanding Rs.10000
2. further bonus in reduction of premium Rs.5000
3. premium outstanding Rs.5000
4. claims covered under reinsurance Rs 80000
5. management expenses due Rs. 30000
6. commission on reinsurance ceded Rs. 5000
4. From the following figures extracted from the books of life assurance Company Limited as on 31.03.2006.
| |Rs. |
|Cash in hand |1900 |
|Cash at bank |9020 |
|Life fund on 1st April 2005 |5556148 |
|Share Capital |100000 |
|Interest accrued but not received |69613 |
|Investment Reserve Fund |88000 |
|Outstanding premiums |77651 |
|Premium less re-assurance |355674 |
|Loans on security of policies |425360 |
|Consideration for annuities to be granted |11338 |
|Shares and debentures in other companies |2042477 |
|Interest and dividends (less tax) |223535 |
|Municipal Securities |850320 |
|Fines for revival of policies |358 |
|Foreign Govt. Bonds |172760 |
|Claims announced but not paid |76135 |
|Bank loans |50000 |
|British Govt. securities |569517 |
|Annuities due but not paid |427 |
|Premium received in Advance |575 |
|Development loan |415000 |
|Stamps in hand |269 |
|Mortgages Outside India |394360 |
|Mortgages in India |902956 |
|Claims by death |337955 |
|Claims by Survivance |32226 |
|Surrenders |37303 |
|Income-tax on profit |8594 |
|Annuities |38688 |
|Bonus in reduction of premium |11156 |
|Commission |11417 |
|Interest and dividend to shareholders |9878 |
|Management Expenses |40070 |
|Interest outstanding on Investment |3700 |
The following information are given:
1. Further Bonus utilized in reduction of Life Insurance Premium Rs.6500.
2. Claims covered under re-insurance Rs.27000.
5. The following trail balances was extracted from the books of Life Insurance Corporation as on 31.03.2006. You are required to prepare the final accounts for the year ended 31st March 2006 after taking the following facts into consideration:
1. Claims admitted but not paid 9000
2. Management Expenses Due 200
3. Interest accrued 19000
4. Premium outstanding 10000
5. Bonus utilized in reduction of premium 2000
6. Claims covered under reinsurance 2300
| |Debits Rs. |Credits Rs. |
|Paid up Capital (10000 shares of Rs.10 each) | |100000 |
|Life Fund Balance (1.4.2005) | |2972300 |
|Dividends Paid |15000 | |
|Bonus in reduction of Premium |31500 | |
|Premium less reinsurance premium | |161500 |
|Claims paid |197000 | |
|Commission Paid |9300 | |
|Management Expenses |32300 | |
|Mortgages in India |492200 | |
|Interest and Dividends received | |112700 |
|Agents balances |9300 | |
|Freehold premises |40000 | |
|Investments |2305000 | |
|Loans on Companies Balances |173600 | |
|Cash on deposits |27000 | |
|Cash in hand and current accounts |7300 | |
|Surrenders |7000 | |
| |3346500 |3346500 |
6. From the following trail balance prepare the Final Accounts of the Indian Assurance Company Ltd. for the year 31.03.2006.
|Debit |Rs. |Credit |Rs. |
|Loans on Life interests |4281 |Premium |365982 |
|Expenses of Management |18241 |Profit on sale of investments claims |10824 |
| | |admitted but not | |
|Depoist with RBI Govt. Securities |200000 |Paid |58421 |
|Commission |9872 |Sundry Creditors |7724 |
|Feehold Ground Rents |168421 |Consideration for annuities granted |12272 |
|Bonus in cash |4222 |Interest, Dividend and Rent-(Gross) |120682 |
|Surrenders |21104 | | |
|Claims by maturity |104728 | | |
|Annuities paid |7681 | | |
|House property |59888 | | |
|Claims by death |172681 | | |
|O/s premium |21641 | | |
|Income tax on interest receipts |7139 | | |
|Agent’s balance |6824 | | |
|Port trust Debenture Interest and |528241 | | |
|Principal Guaranteed by the Govt. | | | |
|Cash at bank |12724 | | |
|Cash in Hand |354 | | |
|Foreign Govt. Securities |142520 | | |
|Office Furniture |1500 | | |
|Shares in other cos. |121621 | | |
|Stock of policy stamps in land |168 | | |
|Mortgages in India |661421 | | |
|Mortgages outside India |206490 | | |
|Loans on Govt. Securities |498321 | | |
|British Govt. Securities |221640 | | |
|Loans on company’s Policies |174692 | | |
| |3376415 | |3376415 |
7. From the following trail balance Life Insurance Company prepare the Final Accounts after taking into account the following adjustments.
1. Claims outstanding on 31.03.2006 13500
2. Claims recoverable from reinsurer 6000
3. Further Bonus utilized in reduction of premium 3000
4. Premiums outstanding 1500
5. Management expenses due 4500
6. Surrenders adjusted against loan on policies 5000
Trial Balance as on 31.03.2006
|Debit |Rs. |Credit |Rs. |
|Claims paid |59500 |Life Assurance Fund (1.4.2005) |1551800 |
|Surrenders |8000 |Investment Fluctuation Fund |54000 |
|Loans against Mortgages |349500 |Premium Deposits |18000 |
|Loans against Policies |150000 |Sundry Creditors |22500 |
|Expenses of Management |111000 |Interest accrued |84000 |
|Depreciation of Fixed Assets |1500 |Claims outstanding on 1.4.2005 |9000 |
|Govt. Securities with RBI |390000 |Premiums less re-insurance |421000 |
|Other securities |825000 | | |
|Fixed Assets |75000 | | |
|Income-tax deducted on interest |9000 | | |
|Outstanding premium on 31.03.2006 |66000 | | |
|Interest accrued |15000 | | |
|Sundry Debtors |24000 | | |
|Bonus in reduction of Premium |3000 | | |
|Cash and Bank Balance |73800 | | |
| |2160300 | |2160300 |
8. The following trail balances was extracted from the books of Life Insurance Corporation as on 31.03.2006.
| |Debits Rs. |Credits Rs. |
|Mortgages |1400000 | |
|Loans |300000 | |
|Investments |1200000 | |
|Surrenders |25000 | |
|Annuities |12000 | |
|Claims by death |850000 | |
|Claims by maturity |850000 | |
|Claims due on 1.4.2005 | |22000 |
|Agents balances |5000 | |
|Deposit with RBI |30000 | |
|Premium | |3000000 |
|Premium Outstanding |35000 | |
|Consideration for annuities | |400000 |
|Commission paid |54000 | |
|Interest and Dividend | |494000 |
|Life Fund on 1.4.2005 | |970000 |
|Cash at Bank |50000 | |
|Management Expenses |50000 | |
|Bonus in reduction of premium |18000 | |
|Interest accrued |7000 | |
| |4886000 |4886000 |
Adjustments:
1. Premium Outstanding Rs.4000
2. Claims admitted but not paid on 31.03.2006 Rs.4500
3. Surrender claims not paid Rs.1500
4. Surrenders adjusted against loans on policies Rs.5000
5. Further Bonus in reduction of premium Rs.2500.
Prepare Final Accounts.
9. The following are the ledger balances of Bharat Life Assurance Co. Ltd. as on 31st March 2006.
| |Rs. |
|Premium |1890500 |
|Life Assurance Fund as on April 1, 2005 |2527825 |
|Claims paid |420600 |
|Claims admitted but not paid |40210 |
|Consideration for annuities granted |120000 |
|Interest, Dividends and Rents |170620 |
|Annuities |80900 |
|Income-tax on interest |30200 |
|Loss on sale of investments |127800 |
|Loans on policies |650000 |
|Surrenders |112800 |
|Re-assurance Premium |214500 |
|Buildings |450000 |
|Policy stamps on hand |6700 |
|Mortgage in India |1012700 |
|Bonus in reduction of premium |10200 |
|Bonus in cash |7800 |
|Investments |1250000 |
|Furniture |24500 |
|Commission |40670 |
|Expenses of Management |127800 |
|Cash and Bank balances |140790 |
|Outstanding Premium |440600 |
|Agents balances (Dr.) |120500 |
|Outstanding Expenses |52200 |
|Share capital |500000 |
|Dividend paid to shareholders |25000 |
|Interest outstanding on Investments |7295 |
Prepare the final accounts of the company, taking the following matters into consideration:
1. Claims covered under reinsurance Rs.47500
2. The Managing Director is to be paid commission of Rs.51520
3. Further Bonus in reduction of premium is Rs.5000
10. From the following information prepare Revenue Account of Active life Insurance Company Limited for the year ended 31.03.2006.
| |Rs. |
|Life Assurance Fund (1.4.2005) |3042000 |
|Claims by death |152280 |
|Claims by maturity |60220 |
|Premiums |1411380 |
|Transfer Fees |258 |
|Interest and Dividends |195680 |
|Income-tax thereon |11420 |
|Bonus in Reduction of Premium |1960 |
|Consideration for Annuities granted |164254 |
|Annuities paid |106922 |
|Bonus in cash |4832 |
|Expenses of Management |63840 |
|Commission |19148 |
|Surrenders |26280 |
|Dividends to Shareholders |11000 |
11. The following trail balances was extracted from the books of National Life Assurance Company as on 31.03.2006.
| |Debits Rs. |Credits Rs. |
|Share Capital | |320000 |
|Life Assurance Fund (1.4.2005) | | |
|Dividend Paid |30000 | |
|Interest and Dividend Received | |225400 |
|Premiums Received | |203000 |
|Surrenders |14000 | |
|Claims paid |394000 | |
|Commission paid |18600 | |
|Management expenses |64600 | |
|Mortgages in India |984400 | |
|Agents Balances |18600 | |
|Freehold Premises |80000 | |
|Investments |4610000 | |
|Loans on Company’s Policies |347200 | |
|Cash on Deposits |54000 | |
|Cash in hand |14600 | |
|Bonus to Policyholders |63000 | |
| |6693000 |6693000 |
You are required to prepare the company’s final accounts for the year ended March 31, 2006, after taking into consideration, the following adjustments:
1. Claims admitted but not paid 18600
2. Premium outstanding 24000
3. Interest accrued 38600
4. Management expenses Due 400
12. The following trail balances was extracted from the books of Life Insurance Corporation as on 31.03.2006.
| |Rs. |
|Life Assurance Fund (as on 1.4.2005) |1470562 |
|Premium |210572 |
|Management expenses |19890 |
|Consideration for annuities granted |10620 |
|Dividend paid |20000 |
|Fines |92 |
|Annuities |29420 |
|Bonus in reduction of premium |2500 |
|Stamps on hand |400 |
|Annuities due but not paid |22380 |
|Govt. Securities |870890 |
|Mortgages |309110 |
|Freehold Premises |500000 |
|House property |100000 |
|Claims by death |79980 |
|Claims by maturity |36420 |
|Commission |26541 |
|Interest dividends and rent |52461 |
|Income-tax on Interest |3060 |
|Surrenders |21860 |
|Bonus paid in cash |9450 |
|Preliminary expenses |200 |
|Claims admitted but not paid |80034 |
|Share capital |403000 |
|Furniture |20000 |
|Loans on Company’s Policies |200000 |
Prepare the final accounts of the company after taking into consideration, the following:
1. Claims covered under reinsurance Rs.20000
2. Further claims intimated Rs.20000
3. Further bonus utilized in reduction of premium Rs.3000
4. Re-insurance premium Rs.6000
5. Premium outstanding Rs.8000
13. The following trail balances was extracted from the books of Life Insurance Corporation as on 31.03.2006.
| |Rs. |
|Shareholders Capital(Rs.10,000 shares of Rs.25 each, Rs.10 per share paid up) |100000 |
|Claims under policies paid and outstanding less received on reassurance |2250000 |
|Life Assurance Fund (1.4.2005) |24000000 |
|Investment Reserve Fund (1.4.2005) |2500000 |
|Expenses of Management |750213 |
|Investments |25500000 |
|Freehold and Leasehold Property |1250000 |
|Unpaid Dividends |25895 |
|Outstanding Premium (Net) |301600 |
|Claims admitted or intimated but not paid |1500000 |
|Outstanding Interest |295000 |
|Surrenders |179475 |
|Annuities |15000 |
|Premium less reassurances |3750000 |
|Consideration for annuities granted |25250 |
|Bonus in reduction of premium |2000 |
|Gain on redemption of debentures (to be carried to Investment Reserve Fund) |10000 |
|Interests, Dividends and Rents Received |1600168 |
|Interest accrued but not payable |158500 |
|Income-tax paid |140074 |
|Transfer and other Fees |3215 |
|Agent’s Balances Outstanding |72952 |
|Furniture and Fittings |45250 |
|Loans on Companies’ Policies within their surrender value |2450000 |
|Cash in hand and at Banks |182000 |
|Stamps in hand |3661 |
|Cheques paid into Banks and in course of realisation |24500 |
|Cheques issued but not presented for payment |33260 |
|Sundry Creditors |22437 |
|Premium received in advance |50000 |
You are required to prepare the revenue account for the year ended 31st march, 2006 and a balance Sheet at the date, of the New India Life Insurance Co. Ltd.
14. From the following figures prepare Revenue Account in the Statutory from of the Star Life Assurance Company Limited for the year ended 31.03.2006.
| |Rs. |
|Claim by death paid |142000 |
|Claim by maturity paid |70200 |
|Premiums |1412100 |
|Considerations for annuities granted |164000 |
|Annuities paid |106900 |
|Bonus paid in cash |4800 |
|Expenses of Management |63800 |
|Commission |19140 |
|Interest, Dividends, Rents (net) |195700 |
|Income-tax deducted at source |12400 |
|Surrenders |26300 |
|Bonus in reduction of premium |1800 |
|Dividends paid to shareholders |9000 |
|Amount of Life Assurance Fund at the beginning of the year |3045000 |
|Outstanding Death Claims at the beginning of the year |22000 |
|Outstanding Death claims at the end of the year |16000 |
15. The following are the ledger balances of Life Assurance Co. Ltd. as on 31st March 2006.
| |Rs. |
|Premiums |1890500 |
|Life assurance fund as on 1st April, 2005 |2527825 |
|Claims paid |420600 |
|Claims admitted but not paid |40210 |
|Consideration for annuities granted |120000 |
|Interest, dividends and rents (gross) |170620 |
|Income-tax on interest and dividends |30200 |
|Annuities |80900 |
|Loss on sale of investments |127800 |
|Loans on policies |650000 |
|Surrenders |112800 |
|Re-assurance premium |214500 |
|Buildings |450000 |
|Policy stamps on hand |6700 |
|Mortgages in India |1012700 |
|Bonus in reduction of premium |10200 |
|Bonus in cash |7800 |
|Investments |1250000 |
|Furniture |24500 |
|Commission |40670 |
|Expenses of management |127800 |
|Cash and bank balances |140790 |
|Outstanding Premium |440600 |
|Agent’s Balances (Dr.) |120500 |
|Outstanding Expenses |52200 |
|Share Capital |500000 |
|Dividend paid to shareholders |25000 |
|Interest outstanding on investments |7295 |
Prepare the final accounts of the Company, taking the following matters into consideration:
1. Claims covered under re-insurance Rs.47500
2. The Managing Director is to be paid commission at the rate of 5% on the net increase of Life Assurance Fund during the year before providing for such commission.
3. Pending the Acturial Valuation a reserve of 20% premium income is to be made
4. Further bonus in reduction of premium Rs.5000
16. The following trail balances was extracted from the books of Life Assurance Company Limited as on 31.03.2006.
| |Debits Rs. |Credits Rs. |
|Paid up Capital (10000 shares of Rs.10 each) | |200000 |
|Life Fund Balance (1.4.2005) | |5944600 |
|Dividends Paid |30000 | |
|Bonus to policy holders |63000 | |
|Premium received | |323000 |
|Claims paid |394000 | |
|Commission Paid |18600 | |
|Management Expenses |64600 | |
|Mortgages in India |984400 | |
|Interest and Dividends received | |225400 |
|Agents balances |18600 | |
|Freehold premises |80000 | |
|Investments |4610000 | |
|Loans on Company’s policies |347200 | |
|Cash on deposits |54000 | |
|Cash in hand and current accounts |14600 | |
|Surrenders |14000 | |
| |6693000 |6693000 |
You are required to prepare the company’s revenue account for the year ended 31st March, 2006 and its balance sheet as on that date after taking the following matters into consideration:
1. Claims admitted but not paid 18600
2. Management expenses due 400
3. Interest accrued 38600
4. Premiums outstanding 24000
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