Income Statement
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!
If you've taken a university course in accounting then you're in good shape you're familiar with the layout of financial statements. If you haven't, it's not a great problem, but it might be a little harder to understand the big picture.
SAP versus GAAP
Before doing anything else, you need to know the frameworks that companies use for accounting.
Full BattleQuiz You must be logged in or this will not work.
BattleCodes
Memorize:
Conceptual:
Calculational: