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Introduction to Insurance Accounting and Finance
Sovos Compliance, LLCThe course explores the basic principles of all types of insurance - Life, Property and Casualty, Health, Fraternal, and Title - with emphasis on statutory reporting requirements.
Upon completion of this course, you will be able to:
- Recognize the purpose and concept of insurance
- Apply the fundamental concepts of the insurance industry
- Define how insurance is regulated
- Apply Statutory and U.S. GAAP financial reporting for insurance companies
- Identify key concepts of reinsurance
- Apply the Risk-Based Capital (RBC) Concept
Prerequisites/Advance Preparation: None required for this basic level self-study.
Course Content:
- Definition of insurance
- History of insurance
- Industry fundamentals - Products and risks
- Distribution systems
- Types of insurance
- Investments
- Ownership and Capital Structures
- Regulation of Insurance History
- State Regulation of Industry
- Regulation of Insurance Key Department of Insurance Functions
- Regulation of Insurance Objectives of National Association of Insurance Commissioners (NAIC)
- Statutory and GAAP Philosophies
- Sources of Statutory Guidance
- GAAP Reporting
- Statutory Insurance Accounting and Products
- GAAP Product Accounting Summary
- Income Recognition
- Comparison of P&C and Life Premium Accounting
- Expense Recognition
- Reserve Concepts
- Invested Asset Valuation
- Separate Accounts
- Nonadmitted Assets
- Risk-Based Capital (RBC)
- The RBC Ratio
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