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..
law of war âis that part of international law that regulates the resort to armed force; the conduct of hostilities and the protection. of war victims in both international and non-international armed conflict; belligerent occupation; and relationships between. belligerent, neutral, and non-belligerent states.