Difference between revisions of "NAIC.SSAP-53"
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| + | This statement establishes general statutory accounting principles for the <u>recording and recognition of premium revenue</u> for property and casualty contracts. | ||
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[https://www.battleacts6us.ca/vanillaforum6us/categories/naic-ssap-53<span style="font-size: 12px; background-color: lightgrey; border: solid; border-width: 1px; border-radius: 10px; padding: 2px 10px 2px 10px; margin: 0px;">'''Forum'''</span>] | [https://www.battleacts6us.ca/vanillaforum6us/categories/naic-ssap-53<span style="font-size: 12px; background-color: lightgrey; border: solid; border-width: 1px; border-radius: 10px; padding: 2px 10px 2px 10px; margin: 0px;">'''Forum'''</span>] | ||
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==Study Tips== | ==Study Tips== | ||
| + | I could barely find anything worthy of an exam question in this reading but I didn't want to leave the wiki page completely blank so: '''''2 BattleCards, 10 minutes max''''' | ||
==BattleTable== | ==BattleTable== | ||
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==In Plain English!== | ==In Plain English!== | ||
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| + | '''Earned But Unbilled Premium''' ''(EBUB)'' is an <u>estimate</u> of audit premium for WC: | ||
| + | * written/earned premium is <u>adjusted</u> by the EBUB amount | ||
| + | * after policy expiration, an audit is performed and <u>EBUB is adjusted</u> by the appropriate amount | ||
| + | * EBUB is then immediately <u>recognized</u> in the financial statements | ||
| + | |||
| + | A '''Premium Deficiency Reserve''' ''(PDR)'' is a <u>liability</u> equal to the amount by which future losses <u>exceed</u> future premiums. | ||
[https://www.battleacts6us.ca/FC.php?selectString=**&filter=both&sortOrder=natural&colorFlag=allFlag&colorStatus=allStatus&priority=importance-high&subsetFlag=miniQuiz&prefix=NAIC&suffix=SSAP-53§ion=all&subSection=all&examRep=all&examYear=all&examTerm=all&quizNum=all<span style="font-size: 20px; background-color: lightgreen; border: solid; border-width: 1px; border-radius: 10px; padding: 2px 10px 2px 10px; margin: 10px;">'''Full BattleQuiz]'''</span> <span style="color: red;">'''You must be <u>logged in</u> or this will not work.'''</span> | [https://www.battleacts6us.ca/FC.php?selectString=**&filter=both&sortOrder=natural&colorFlag=allFlag&colorStatus=allStatus&priority=importance-high&subsetFlag=miniQuiz&prefix=NAIC&suffix=SSAP-53§ion=all&subSection=all&examRep=all&examYear=all&examTerm=all&quizNum=all<span style="font-size: 20px; background-color: lightgreen; border: solid; border-width: 1px; border-radius: 10px; padding: 2px 10px 2px 10px; margin: 10px;">'''Full BattleQuiz]'''</span> <span style="color: red;">'''You must be <u>logged in</u> or this will not work.'''</span> | ||
Revision as of 20:47, 13 March 2019
This statement establishes general statutory accounting principles for the recording and recognition of premium revenue for property and casualty contracts.
Study Tips
I could barely find anything worthy of an exam question in this reading but I didn't want to leave the wiki page completely blank so: 2 BattleCards, 10 minutes max
BattleTable
- this reading has not been tested on any exam from the year 2012 and subsequent
reference part (a) part (b) part (c) part (d) no prior questions
Full BattleQuiz You must be logged in or this will not work.
In Plain English!
Earned But Unbilled Premium (EBUB) is an estimate of audit premium for WC:
- written/earned premium is adjusted by the EBUB amount
- after policy expiration, an audit is performed and EBUB is adjusted by the appropriate amount
- EBUB is then immediately recognized in the financial statements
A Premium Deficiency Reserve (PDR) is a liability equal to the amount by which future losses exceed future premiums.
Full BattleQuiz You must be logged in or this will not work.
