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..
States are also bound by Customary International Law, which is formed over time by the general and consistent practice of States followed from a sense of legal obligation (opinio juris). Customary International Law obligates States to provide laws of armed conflict [LOAC] protections for civilians. The Hague Conference in 1907 decided not to include a provision to the effect that the nationals of a belligerent residing in the territory of the adverse Party should not be interned, considering that that principle went without saying.