It has been the custom of late years with many owners, especially in connection with subdivision properties, to guarantee that, in event of the decease of any purchaser during the life of a contract, the owner will convey to the estate of the deceased the property covered by the contract. This is loosely described as "Life Insurance," although the account actually represents the unpaid balances on contracts of purchasers who have died since the books were last closed. The entire amount is chargeable direct to Profit and Loss as an expense, there being no advantage in complicating entries by keeping a separate life insurance account for each subdivision.