01.06. Premium Accounting - Revenue Recognition

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Author:
COC2
ID:
205785
Filename:
01.06. Premium Accounting - Revenue Recognition
Updated:
2013-03-07 21:40:59
Tags:
Premium Accounting Revenue Recognition
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Description:
Premium Accounting - Revenue Recognition
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  1. IASB premium recognition rules
    • when ins contract is signed
    • when premium is due
    • when premium is received
    • when ins policy becomes effective
    • when risk runs off / expires
  2. Premium Accounting - Deferral-Matching
    • life ins recognizes premium when it's due
    • P&C uses deferral-matching - earned premium
    • Premium Revenue = WP + beg UPR - end UPR
  3. Premium Accounting - Asset-Liability
    • revenue is recognized up-front once the insurer gains control of the asset resulting from the revenue
    • no use of UPR

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