balancing account

  • A net balance in most insurance companies’ general ledgers that reflects the combination of all nonledger accounts, nonadmitted assets, and unassigned surplus. This account must be analyzed each year to prepare a trial balance.

    Internal Revenue Service 1

1Internal Revenue Service, Internal Revenue Manual 4.42.6 Glossary, http://­www.irs.gov/­irm/­part4/­irm_04-042-006.html (last accessed Dec. 22, 2009).