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The insurance policy is designed to insure the life of more than one individual. The insurance company is liable to pay the insured amount to the firm on the death of the partner or the maturity of any policy. The amount so received from the insurance company is divided in the profit-sharing ratio among all the partners. If joint life policy and JLP reserve are given in the balance sheet, the JLP will written on debit side and reserve will on credit side. 
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