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..
It can be argued that international law began in 1648 with the Peace of Westphalia, which asserted the sovereign equality of states. Rules concerning the conduct of war (jus ad bellum and jus in bello) soon emerged, most famously codified in the Geneva Conventions of the nineteenth and twentieth centuries.