@neyerbj 

So, you have a couple of options:

1) If you don't care that the refund is showing under the insurance co. in the Vendor Center, then just deposit the check and assign the insurance expense account(s) under "From Account".  This will book the bank deposit and a corresponding reduction in the insurance expense account(s) that you assigned to the deposit.  If you go this route, just know that the transaction will not show when running reports by vendor but your financial statements will be correct. 

2) If you want the refund to show in the Vendor Center and show up in reports for the vendor, then you need to follow the directions from @Carneil_C .  The directions are accurate.  First, make a deposit and assign the deposit to accounts payable under "From Account".  Then create a bill credit.  Make sure you enter a bill credit and not a bill.  When you enter the credit, this is where you are recording what account the refund is credited to.  Assign the insurance expense account that the refund should be applied to.  Then, go to Pay Bills.  You will see the deposit in the Pay Bills screen, select it.  Then you will see the bill credit down toward the bottom of the screen.  The amounts should match if you entered the same amount for the deposit and the bill credit.  Click "Set Credits".  Select the credit in the Apply Credits pop-up.  Select Done.

That's it.