NAIC.SSAP-53
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This statement establishes general statutory accounting principles for the recording and recognition of premium revenue for property and casualty contracts.
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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
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- 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
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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.
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