AFE 4

Uniform instructions that represents a compilation of statutory accounting principals are compiled in

The purpose of statutory rules with regards to limiting stock ownership

Balance sheet statement of assets include invested assets and assets not generating a return

To accumulate a significant amount of investable assets, and the generation of investment income are major activities for P&C insurers?

SAP recognizes premiums and premium revenue, and costs associated with writing using the liquidation concept, not consistent with GAAP's going concern concept?

facilitates trend analysis of the insurer’s recent operating performance and financial condition...

Which annual statement section Provides a detailed report of premiums written and earned, policy holders dividends, losses paid

Summary financial statements include:

SAP allocates expense to...

The Underwriting and investment exhibit...

Non- admitted assets are segregated in GAAP financial reporting?

Form 10-K is the

In SAP stocks are valued at...

The most common non-ledger assets are

Resource allocation, administrative control and management stewardship are:

What requirements must be met for revenue, gain, or loss to be realized

A Policyholder report consists of certified financial statements, conforming to state regulations

Risk Retention Group are which of the following

Non admitted assets are not legally allowed and are non admitted

Capital and surplus account reconciliation Provides a summary of changes in certain account balances that have a direct effect on policyholders’ surplus

SAP assumes Bonds are held to maturity, consistent with GAAP's going concern concept?

All non-taxable income is excluded for the purpose of calculating income taxes of P&C Insurers

Example of management reports include...

Management information consists of

What actives are included in Underwriting of risks?

What are different types of public entity risk pools?

What is a reciprocal insurer?

How are bonds valued?

GAAP recognizes equity in unearned premium reserves, whereas SAAP recognizes revenue as earned and, expenses as incurred

What are the objectives of Statutory Insurance Accounting Principles?

The GAAP continuity concept is consistently applied in SAP

The Tax Act of 1986 requires what percentage of dividends to be added back to taxable income

Authorized insurers are required to file an NAIC annual statement

How is policyholder surplus valued?

What are Federal income tax reports based on?

What actives are included in Underwriting of risks?

Common stocks are valued at association values, using the NAIC SVO manual

GAAP emphasizes solvency by focusing on the balance sheet and conservative?

The general communication is typically descriptive in nature and allows management to discuss events that have affected the company during the past accounting period and to comment on how past and future events are expected to affect the company. May include certified financial statement by qualified CPA

What is the Insurance Expense Exhibit?

Which of the following is a major component of the insurance transaction cycle?

Banks and trusts are a category of common stocks on the Schedule D?

Which of the following are included on the statement of liabilities

What is the purpose of P&C insurance business?

In SAP Bonds are valued at..

Form 10-Ks are the primary annual reports for publically traded companies with less than 500 stockholders and assets of over $1million.

In SAP liabilities are usually valued as low as possible?

include reserves, unpaid losses, unearned premiums, miscellaneous liabilities

How do P&C companies accumulate investable assets

Statutory and administrative regulations on assets are meant to...