FASB 60

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Author:
Esaie
ID:
34015
Filename:
FASB 60
Updated:
2010-09-11 10:23:48
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Exam6 by Esaie
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Exam6 by Esaie FASB 60
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  1. Short duration ins contract
    • Most P/C contracts, term life ins pol
    • Can cancel pol, revice P, adjust provisions at renewal
    • Premiums are usually earned evenly over pol period
    • Liability for unpaid clms and LAE accrued when event occur
  2. Long duration ins contract
    • Most life insurance contracts, annuity contracts
    • Generally not subject to changes in provisions
    • Premium generally level troughout
    • Liabilities are accrued over current and expected renewal periods
  3. Premium deficiency
    • Recognized is sum of expected clm costs and LAE, expected dividends to PH, unarmortized acquisition costs, and maintenance costs exceeds related unearned prem
    • Charge any unamortized acquisition cost

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