### Question
What is the definition of premiums earned on insurance contracts during the taxable year?


### Answer
The definition of **premiums earned on insurance contracts during the taxable year** is as follows in *26 U.S.C. § 832*:

> an amount computed as follows:



(A) From the amount of gross premiums written on insurance contracts during the taxable year, deduct return premiums and premiums paid for reinsurance

#### Citation:
  - *26 U.S.C. § 832*
  - Heading: **Subtitle A-Income Taxes > CHAPTER 1-NORMAL TAXES AND SURTAXES > Subchapter L-Insurance Companies > PART II-OTHER INSURANCE COMPANIES**

