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..
Written By: Capitulation, in the history of international law, any treaty whereby one state permitted another to exercise extraterritorial jurisdiction over its own nationals within the former stateâs boundaries. The term is to be distinguished from the military term âcapitulation,â an agreement for surrender.