Difference between revisions of "NAIC.SSAP-55"
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Loss Adjustment Expenses (LAE) are classified into '''2 categories''': | Loss Adjustment Expenses (LAE) are classified into '''2 categories''': | ||
| − | * DCC ''(Defense & Cost Containment)'': covers defense, litigation, and medical cost containment expenses, whether internal or external | + | * '''DCC''' ''(Defense & Cost Containment)'': covers defense, litigation, and medical cost containment expenses, whether internal or external |
* Examples: | * Examples: | ||
:: - litigation management | :: - litigation management | ||
:: - rehab nurses | :: - rehab nurses | ||
| − | * A&O ''(Adjusting & Other)'': expenses other than DCC | + | * '''A&O''' ''(Adjusting & Other)'': expenses other than DCC |
| − | * | + | * Examples: |
:: - adjuster fees | :: - adjuster fees | ||
:: - attorney fees | :: - attorney fees | ||
| + | |||
| + | There was a question on this topic on an old SOA exam <span style="color: green;">(shout-out to gsawhney!)</span>. See ''[https://www.battleacts6us.ca/vanillaforum6us/discussion/293/categorizing-expenses this forum discussion]''. | ||
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Revision as of 13:32, 18 October 2021
This statement establishes statutory accounting principles for recording liabilities for unpaid losses and loss adjustment expenses for property and casualty insurance contracts.
Study Tips
Spend 5 minutes max on this reading.
BattleTable
- this reading has not been tested on any exam from the year 2012 to Fall 2019 when the exams stopped being published.
reference part (a) part (b) part (c) part (d) no prior questions
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In Plain English!
Loss Adjustment Expenses (LAE) are classified into 2 categories:
- DCC (Defense & Cost Containment): covers defense, litigation, and medical cost containment expenses, whether internal or external
- Examples:
- - litigation management
- - rehab nurses
- A&O (Adjusting & Other): expenses other than DCC
- Examples:
- - adjuster fees
- - attorney fees
There was a question on this topic on an old SOA exam (shout-out to gsawhney!). See this forum discussion.
Full BattleQuiz You must be logged in or this will not work.
