Difference between revisions of "Income Statement"
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==In Plain English!== | ==In Plain English!== | ||
| + | ===The Basics=== | ||
| + | |||
| + | It will help if you've taken a university course in accounting because you'll then be familiar with the layout of financial statements. | ||
| + | If you haven't had a university accounting course, it's not a ''great'' problem, but it might be a little harder to understand the big picture. | ||
| + | |||
| + | <hr> | ||
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Revision as of 20:52, 26 December 2018
Contents
Pop Quiz
BattleTable
Based on past exams, the main things you need to know (in rough order of importance) are:
- surplus: calculation of surplus, surplus changes, non-I/S surplus changes & reasons for surplus changes
- statutory income: calculation of statutory income
- basic accounting terms and concepts: (SAP = Statutory Accounting Principles)
- => balance sheet, income statement, assets, liabilities, revenue, expenses, reinsurance
- calculation of of bond values
reference part (a) part (b) part (c) part (d) E (2018.Spring #9) define:
- insurer recoverabledefine:
- insurer payabledefine:
- reinsurer funds helddefine:
- reinsurance provisionE (2018.Spring #10) statutory income:
- calculateexpense allocation:
- impact on profitabilityexpense allocation:
- actuary's involvementE (2017.Fall #9) statutory income:
- calculateusers & purpose:
- B/S & I/S 1E (2017.Fall #10) surplus:
- calculate surplusE (2017.Fall #13) calculate:
- value of bondsregulator concerns:
- regarding assetsE (2016.Fall #14) surplus:
- calculate surplusfinancial health:
- evaluateE (2015.Fall #15) surplus:
- non-I/S surplus changessurplus:
- total surplus changesurplus:
- reasons for surplus chgE (2014.Fall #12) surplus:
- calculate surplussee NAIC.IRIS see Odomirok.10-Notes E (2013.Fall #19) SAP:
- identify errorssurplus:
- calculate surplusreinsurance:
- reasons to purchaseregulator concerns:
- fair valueE (2012.Fall #14) surplus:
- impact on surplussee Odomirok.19-RBC
- 1 B/S stands for Balance Sheet, and I/S stands for Income Statement.
Full BattleQuiz You must be logged in or this will not work.
In Plain English!
The Basics
It will help if you've taken a university course in accounting because you'll then be familiar with the layout of financial statements. If you haven't had a university accounting course, it's not a great problem, but it might be a little harder to understand the big picture.
Full BattleQuiz You must be logged in or this will not work.
BattleCodes
Memorize:
Conceptual:
Calculational:
