Wn 1 Change in Reserve for Unexpired Risk

Opening Balance 2,840,000

Less - Closing Balance (78,60,000 x 40%) 3,144,000
-304,000
WN 1 - Changes in Res. For Unexpired Risk
Opening Balance 247,500
Less - Closing Balance (6,91,250 x 50%) -345,625
-98,125

WN 1 Changes in Exp. Reserve for Risk

Opening as on 01/04/2013 2,450,000
Less - Closing as on 31/03/2014 (70,50,000 x -2,820,000
-370,000
,

WN 1 - Changes in Res for Unexpired Risk

Opening Balance 765,000
Less - Closing Balance
Reserve for Unex. Risk (3,79,000 x 100%) -379,000
Additional Reserve (3,79,000 x 5%) -18,950
367,050
WN 1 - Changes in Unex Risk
Fire Marine
Opening Balance 200,000 140,000
Less - Closing Balance
Fire (4,55,000 x 50%) 227,500
Marine (3,35,000 x 100%) 335,000
-27,500 -195,000
WN 2 Claim Incurred
Claim Paid (Direct) 4,970,000
Add - Reinsurance 510,000
5,480,000
Less- Claim Received -395,000
5,085,000
Add - Claim Outsanding 31/3/2019
Direct 738,000
Add - Reinsurance 70,000
808,000
Less- Claim Receivables -125,000 683,000
5,768,000
Less - Claim Outstanding 01/04/2018
Direct 685,000
Reinsurance 95,000
780,000
Less - Claim Receivables 75,000 705,000
5,063,000
Add - Expenses for claim
Suryeyor Fees 45,000
Legal Expenses 55,000 100,000
5,163,000

1. Premium Earned
Premium Received 675,000
Add - Outstanding 31/03/2022 150,000
825,000
Less - Outstanding 01/04/2021 -100,000
725,000
Less - Reinsurance Ceded -33,750
691,250
Less - Changes in Res. For unexp. Risk -98,125
593,125

2. Claim Incurred
Claim Paid 225,000
Add - Closing 31/03/2022 38,250
263,250
Less - Opening 01/04/2021 -40,500
222,750
Add - Expenses incurred for claim
Legal Expense 20,250
Surveyors Fees 15,750 36,000
258,750

1. Premium Earned
Premium Received
Direct 6,575,000
Add - Reinsurance 950,000
7,525,000
Less - Reinsurance Ceded -475,000
7,050,000
Less - Changes in Res for Unexpired Risk -370,000
6,680,000

2. Claim Incurred
Claim Paid
Direct 4,250,000
Add - Reinsurance 500,000
4,750,000
Less - Reinsurance Ceded -325,000
4,425,000
Add - Expenses for Claim
Survyor Fees 35,000
Legal Expenses 45,000 80,000
4,505,000
Add - Claim Payable on 31/3/2014
Direct 718,000
Add - Reinsurance Accepted 60,000
778,000
Less - Reinsurance Ceded -110,000 668,000
5,173,000
Less - Claim Payable on 01/04/2013
Direct 625,000
Add - Reinsurance 87,000
712,000
Less - Reinsurance Ceded -65,000 -647,000
4,526,000
1. Premium Earned
Premium Received
Direct 360,000
Add - Reinsurance 38,000
398,000
Add - Closing as 31/03/2015
Direct 16,000
Reinsurance 1,800 17,800
415,800
Less - Opening as 01/04/2014
Direct 10,000
Reinsurnce 1,600 -11,600
404,200
Less - Reinsurance Ceded
Premium Paid 24,000
Add - Closing as 31/03/2015 2,200
26,200
Less - Opening as 01/04/2014 -1,000 -25,200
379,000
Add - Changes in Unexp. Risk 367,050
746,050

3. Commission
Commission on Direct Insurance 96,000
Add - Reinsurance Accepted 5,600
101,600
Less - Reinsurance Ceded -8,000
93,600

1. Premium Earned
Fire Marine
Premium Received 450,000 330,000
Add - Oustnading on 31/03/2017 30,000 20,000
 480,000 350,000
Less - Reinsurance Ceded -25,000 -15,000
455,000 335,000
Less- Changes in Res for Unex. Risk -27,500 -195,000
427,500 140,000

2. Claim Incurred
Fire Marine
Claim Paid 100,000 80,000
Add - Outstanding on 31/03/2017 10,000 15,000
110,000 95,000
Less - Outstanding on 01/04/2016 -28,000 -7,000
82,000 88,000

3. Commission
Fire Marine
Agent's Commission 40,000 20,000

4. Operating Expenses
Fire Marine
Expenses of Management 60,000 45,000
Add - Outstsnding on 31/03/2017 10,000 5,000
70,000 50,000
1 Premium Earned
Direct 7,525,000
Add - Reinsurance 825,000
8,350,000
Less - Reinsurance Ceded -490,000
7,860,000
Less - Changes in Unex. Reserves -304,000
Premium Earned (Net) 7,556,000

2. Claim Incurred
Claim Incurred (WN - 2) 5,163,000

3. Commission Paid
Direct 160,000
Add - Reinsurance Accepted 15,000
175,000
Less - Reinsurance Ceded 18,000
157,000

4. Operating Expenses
Expenses of Management 290,000
Less - Surveyor Fees -45,000
Legal Expenses -55,000
190,000

3. Commision
Commission on Direct Business 157,500
Add - Com. On Reinsurance Accepted 20,000
177,500
Less - Com on Reinsurance Ceded -15,000
162,500

4. Operating Expenses
Management Expenses 67,500
3. Commission
Direct 150,000
Add - Reinsurance Accepted 11,000
161,000
Less - Reinsurance Ceded -14,000
147,000

4. Operating Expenses
Expenses of Management 230,000
Less - Expneses for Claim
Survyors Fees -35,000
Legal Expeneses -45,000
150,000
2. Claim Incurred
Direct 154,000
Add - Reinsurance 14,000
168,000
Less - Reinsurance Ceded -17,000
151,000
Add - Legal Expenses 1,200
152,200
Add - Closing on 31/03/2015
Direct 16,000
Reinsurance 4,200
20,200
Less - Reinsurance Ceded -1,900 18,300
170,500
Less - Opening as 01/04/2014
Direct 78,000
Reinsurance 1,500
79,500
Less - Reinsurance Ceded -1,400 -78,100
92,400

4. Operating Expenses
Establishment Expeness 30,000
Rent, Rates & Taxes 14,000
Printing & Stationery 1,800
Legal Expenses (2,000 - 1,200) 800
46,600
 Form B - RA
General Insurnace Company
Revenue Account for the year ended 31st March 2019
Particulars Sch Rs.
1. Premium Earned 1 7,556,000
2. Profit/loss on Sale/Red of Investment -
3. Others -
4. Int, Divident and Rent -
Total (A) 7,556,000

5. Claim Incurred 2 5,163,000

6. Commission 3 157,000
7. Operating Exps related to Ins, Business 4 190,000
Total (B) 5,510,000

Operating Profit/loss (A-B) 2,046,000

 Form B - RA
M/s Ishan Insurance Co.
Revenue Account for the year ended 31st March 2015
Particulars Sch Rs.
1. Premium Earned 1 746,050
2. Profit/loss on Sale/Red of Investment -
3. Others
4. Int, Divident and Rent 18,000
Total (A) 764,050

5. Claim Incurred 2 92,400

6. Commission 3 93,600
7. Operating Exps related to Ins, Business 4 46,600
Total (B) 232,600

Operating Profit/loss (A-B) 531,450