Hi jvance90,
We can create a refund receipt to record the transactions. Then, we'll need to add a service item for the $5000. For the income account, we can use the account used on the Insurance.
Before doing so, I suggest reaching out to your accountant so they can guide you if you'll need to record to create a separate expense transaction for the insurance and the refund.
Moreover, I'll also share this link where you can search for articles that can serve as your reference to guide you manage your suppliers: QuickBooks Online Help Articles for Expenses and Vendors.
Keep me posted whenever you have concerns about recording transactions.
