THE APPLICATION OF ACCOUNTING PRINCIPLES IN INSURANCE COMPANIES

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CHAPTER ONE

• INTRODUCTION

Accounting is very essential in every profit making

organization that has economic resource such as money, machinery and building, while it has bee called the language of business.  It has serves as a language to provides financial information about non profit oriental businesses organization such as churches, government, charities, hospital, club etc.

In addition once role or objectives in life as a manager. Politician, investor, student he wile find the knowledge of accounting as one of his needs.

Many people have try to answer two importance questions about organization such lie:

Now will if it doing a given period and where does the organization stand one a given day.  Nevertheless accounting ads in answering these question by showing where and when money has been spent and how committed it has been made by evaluating performance and indicating the financial implication fractions of choosing once plan verse another.

The accounting fractions are govern by money concepts and principles on accounting.

• BACKGROUND OF STUDY

The background of the study implies on the rules that govern

how accountant measure process and communicate financial information fall under the heading “General Accepted Accounting Principles (GAAP).

Managers and accountants of difference insurance companies like National Insurance Corporation of Nigeria (NICON) Niger Insurance Company, African Prudent Insurance Company etc.

Share the same view as regard to this problem study.  All the rules and ethics that are used in accounting are applied by insurance companies and they equally keep receipt and payment accounts, cash book, bank reconciliation statement, balance sheet etc.

Although some companies that don’t keep their accounts with the Central bank of Nigeria (CBN), meaning that they have and registered with the registrar of companies and not recognized to be in existence yet they operate.

Ikoku defines insurance business as an investment that protects the insured from national and man made disaster for  which the essence is to be place the insured on the position he was immediately before the less”, while Joged defined insurance as a transfer of risk be the insured to the insurer for a consideration called premises; however, Horngren also defines “accounting as the system that measure business activities, process that information into report and communication these findings to decision maker”.

Ikoku went further to classify insurance business into life insurance and non life insurance business, companies are divided into two classes namely; proprietary companies and mutual companies.  Non-life insurances business are categorized into five; accident motor vehicles, workman’s compensation, marine aviation and transport and miscellaneous insurance business.  At this point, one can be justified to assert that the proper functioning of the accounting aspect of an organization is dependent on how well the accounting principle are being applied, therefore the proper applications of accounting principles is important to insurance companies, policy holders funds are made up of premium received on all policies.  In this opinion Jejede said that prudent management of this fund are vital in order to prevent its diversion into irrelevant areas thereby having in adequate cash to settle claims promptly.

The need therefore is to curb this diversion informed the idea of accounting.  This can only be effective if the principle of accounting are applied to the later.