March 2016
Intermediate to advanced
700 pages
144h 54m
English
Content preview from Principles of Risk Management and Insurance, 13th EditionBecome an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
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Property and Casualty Insurers
To understand the financial operations of an insurance company, it is necessary to examine the insurer’s financial statements. Two important financial statements are the balance sheet and the income and expense statement.1
Balance Sheet
A balance sheet is a summary of what a company owns (assets), what it owes (liabilities), and the difference between total assets and total liabilities (owners’ equity). A balance sheet shows these values on a specific date. This financial statement is called a balance sheet because the two sides of the financial statement must be equal:
Exhibit 7.1 shows the balance sheet for the ABC Insurance Company at the end of 2015. Note ...
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