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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Notes
1. Simplified versions of the financial statements are presented in this chapter. In practice, the financial statements are more complex. Insurers are required to use statutory accounting rules for the financial statements prepared for regulators. Financial statements may also be prepared using generally accepted accounting principles (GAAP). Statutory accounting is conservative and emphasizes insurer solvency.
2. For a detailed discussion of loss reserves, see Bernard L.Webb et al., Insurance Operations and Regulation (Malvern, PA: American Institute for Chartered Property Casualty Underwriters/Insurance Institute of America, 2002), ch. 12.
3. Under statutory accounting, expenses are recognized immediately while premium income is ...
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