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..
International law is often defined as the body of rules and norms that regulate activities carried on outside the legal boundaries of states. More particularly, it is the law that applies to three international relationships: (1) relations among nation-states; (2) relations among individuals (including corporations) and foreign nations; and (3) relations among individuals from different nations.