Hi Carla,
you can record the premium expenses as payable charges, and as the claims come in, clear them up the Payables by doing a PP-Payable Payment and offset to your Income account for your Insurance proceeds. it is ok to a zero amount deposited when the amount offset is the same between those two accounts. At the end, when you receive a cheque for the balance, after all the payable premiums have been used, the difference gets deposited to your bank as Insurance proceeds.
I hope this make senses, if any further questions, please let me know.
