I have a problem... I am renewing my company's insurance policy and I am paying 25% downpayment of the premium in Sept. and the rest in 10 monthly installments. When I pay down the 25% do I record this is prepaid insurance? Also, the 10 monthly installments should be recorded as insurance expenses when I pay it? I am really confused about this... please help!!

Simple way would be to

Dr. Prepaid Insurance
Cr. Cash

And then at the end of the quarter or whenever you need to make adjusting entries for your financial statements, adjust for insurance expense. (Dr. Insurance Expense, Cr. Prepaid Insurance)

But very weak. How about an illustration