This course reviews the basic financial statements for a property and casualty insurance company including the balance sheet, the income statement, the change in capital and surplus, the cash flow statement as well as notes and supplemental disclosures.

A review of accounting basics and methods used to prepare the financial statements, along with an introduction to the various accounting principles used for preparing the financial statements is also discussed.

Upon successful completion of this course, you will be able to:

• Identify the basic financial statements
• List the major components of the balance sheet and identify the significant items for the P&C industry
• List and describe the major components of the income statement
• List the major components of capital and surplus
• List the major sections of the cash flow statement
• Define the purpose of the notes to the financial statements
• Differentiate between the purposes of Statutory and GAAP accounting principles

Outline

• Overview of Property & Casualty Insurance Company Financial Statements
• Purpose, Content, and Form of:
  • Balance Sheet
  • Income Statement
  • Capital and Surplus
  • Cash Flow Statement
  • Notes and Other Supplemental Disclosures
• Accounting
  • Basics & Methods
  • Principles & Standards