Transcription of Basic Insurance Accounting—Selected Topics
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Basic Insurance Accounting—Selected Topics
Basic Insurance Accounting Selected Topics By Ralph S. Blanchard III, FCAS, MAAA 1 July 2008 CAS Study Note Author s Change to This Edition This edition of the study note is the same as the June 2007 edition except for the following change to the third paragraph of section 8 on page 23: Under GAAP all the newly purchased and identified assets and liabilities are to be valued at their fair value , with goodwill equal to the difference between the fair value of identified acquired assets and the fair value of identified acquired liabilities has been changed to Under GAAP all the newly purchased and identified assets and liabilities are to be valued at their fair value , with goodwill equal to the difference between the purchase price and the fair value of identified acquired assets less the fair value of identified acquired liabilities. Basic Insurance Accounting Selected Topics The purpose of this study note is to educate actuaries on certain Basic Insurance accounting Topics that may be omitted in other syllabus readings.
Loss cycle Incurred losses reported in financial statements are typically broken out into two pieces, the initial estimate of incurred losses for the most recent exposure period, and changes in the estimate of incurred losses for prior periods. This can frequently be …
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