Question
An insurance company collects premium of ₹12,00,000
for annual policies starting 1 October 2024. The accounts close on 31 March 2025. According to IRDAI guidelines, the Unearned Premium Reserve must be calculated on a time-proportion basis. What is the UPR at year-end?Solution
• Period unearned = 6 months (Apr–Sep 2025) out of 12 months = 50%. • UPR = 50% × ₹12,00,000 = ₹6,00,000.
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