Transcription of Basic Insurance Accounting—Selected Topics
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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 ac
in the IASA’s text of Property-Casualty Insurance Accounting. This study note also assumes a basic understanding of bookkeeping terminology, such as” ledger”, “account” and “closing the books”, ) I. Loss and loss adjustment expense accounting (learning objective B.2 for losses. Premiums already covered by other study note.)
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