With traditional whole life insurance:
What represents the amounts needed to provide for the estimated ultimate cost of settling claims relating to insured events that have occurred on or before a particular date?
Direct serving loans method requires a system of good internal control and requires that the functions be split between the Accounting Department and the Investment Department. The Investment Department is responsible for promptly supplying the Accounting Department with:
When dividends are left to accumulate at interest, the insurer typically sends a notice to each policyholder showing the amount accumulated at the end of the policy year. The notice also shows the dividend credited and interest earned for that policy year. The dividend left at interest may later be received by or credited to the policyholder in several ways. Which of the following is/are out of those ways?
The contracts that are not subject to unilateral changes in its provision and requires the performance of various functions and services for an extended period is called:
The market in which the reporting entity would sell the asset or transfer the liability with the greatest volume and level of activity for the asset or liability is known as:
Liabilities are recognized for known claims when sufficient information has been developed to indicate the involvement of a specific insurance policy.
Traditional insurance risks are generally are random and average out over larger populations.
A premium deficiency relating to which insurance contracts indicate a probable loss on premiums yet to be earned.
The method used to account for insurance and reinsurance contracts that do not transfer insurance risk is referred to as:
