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..
Traditional international law is a law of power, that is the war is considered to be an important attribute of state sovereignty. One of the essential qualitative differences between traditional international law and contemporary international law is the prohibition of aggressive wars and the idea of international protection of human rights. In other words, contemporary international law takes the rights of man under its patronage.