01.06. Premium Accounting - Revenue Recognition

IASB premium recognition rules
- when ins contract is signed
- when premium is due
- when premium is received
- when ins policy becomes effective
- when risk runs off / expires
Premium Accounting - Deferral-Matching
- life ins recognizes premium when it's due
- P&C uses deferral-matching - earned premium
- Premium Revenue = WP + beg UPR - end UPR
Premium Accounting - Asset-Liability
- revenue is recognized up-front once the insurer gains control of the asset resulting from the revenue
- no use of UPR

Author

COC2

205785

Card Set

01.06. Premium Accounting - Revenue Recognition

Description

Premium Accounting - Revenue Recognition

Updated

2013-03-08T02:40:59Z

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