Examlex
For each of the following, identify in Column 1 the category to which the account belongs, in Column 2 the normal balance for the account, in Column 3 the financial statement on which the account balance is reported, and in Column 4 the nature of the account (permanent/temporary).
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Medical Bills
Charges incurred for medical products or services, including hospital care, physician services, and medications.
Insurance Premiums
The amount that individuals or entities must pay for an insurance policy to remain active.
Endowment Policy
A life insurance contract designed to pay a lump sum after a specified term (on its 'maturity') or on death, often used as a saving or investment strategy.
Life Policy
A life policy is an insurance agreement that pays out a sum of money either upon the death of the insured person or after a set period.
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