Unearned Premium/Unearned Revenue (SF.BS.UnearnedPremium_UnearnedRevenue) refers to the premiums received but not yet earned.
This generally refers to premiums received on non-life insurance policies, as these premiums are earned over the life of the contract.
Unearned Premium/Unearned Revenue (SF.BS.UnearnedPremium_UnearnedRevenue) does not include:
- Unpaid claims and losses (classified as Policy Liabilities (SF.BS.PolicyLiabilities))
- Unearned commissions and fees (classified as Customer Advances (SF.BS.CustomerAdvances))
- Premium ceded (payable) (classified as Reinsurance – Liability (SF.BS.Reinsurance_Liability))