GAAP Basics – Traditional Life Webcast


December 16, 2016

  • Technical Skills & Analytical Problem Solving

Event Home | Registration | Presenter & Moderator | CPD


Presented by

Financial Reporting Section and PolySystems


Noon-1:30 p.m. ET


This webcast takes place via the Internet.

Registration Fees

Registration is now closed. The SOA Customer Service Center is available to assist you Monday through Friday, 8:00 a.m. to 5:00 p.m. CDT. Please call +1-888-697-3900.

Who Should Participate

Members of the following sections: Financial Reporting, Modeling, Product Development, and Smaller Insurance Company, as well as all actuaries interested in or involved with year-end financial reporting work in the U.S.


This webcast is part of a series of webcasts sponsored by the Financial Reporting section on U.S. GAAP reporting. This first webcast in the series will cover the basics of GAAP reporting for traditional life insurance products, including term and whole life insurance.

The other webcasts (dates to be announced) planned are as follows:

  • GAAP Basics - UL
  • GAAP Basics - Annuities
  • GAAP - Targeted Improvements
  • GAAP - Assumption Management

SOA and the Financial Reporting Section have partnered with PolySystems for the first three webcasts, which have been developed to highlight key GAAP content from the more in-depth full-day reserves seminars, jointly sponsored by the SOA and PolySystems each June.

This first webcast in the series will review basic GAAP principles for traditional life insurance products, which continue to be a significant contributor to life insurance industry earnings. Basic examples that build on one another will be presented to illustrate the application of the principles to sample term and whole life policies.

Topics to be covered include the GAAP balance sheet and statement reserve methods, GAAP profit emergence, GAAP assumptions and provisions for adverse deviation (PAD), deferred acquisition costs (DAC), benefit reserves, loss recognition, internal replacements (SOP 05-1), limited pay policies, mortality deterioration and reinsurance.

Whether you are new to GAAP or looking for a refresher, this webcast will quickly bring you up to speed with the basic principles governing GAAP for traditional life insurance.

How the live webcast works and what it includes

You do not need any special equipment. On Nov. 29, 2016, before 2:00 p.m. ET you will be sent detailed webcast instructions via email including the Web address for accessing the presentation. Any handouts that are available will also be sent. You will follow along with both the slide presentation and the audio portion of the broadcast over the Internet. 

The registration fee includes:

  • One access code per location to the live webcast;
  • One Internet connection;
  • One phone connection (to be used only if experiencing sound issues or if in a conference room with a group);
  • One set of presentation materials; and
  • Access to the subsequent webcast recording.

Please note that each access code may only be used for one location, even if you register for more than one participant.

Post-Webcast Purchase Opportunity

For those who are interested in SOA webcasts but are unable to participate in the live event, access to an archived recording of the webcast will be available for purchase approximately 10 business days following the event by using the following link .




Demonstrating the listening, writing and speaking skills required to effectively address diverse technical and nontechnical audiences in both formal and informal settings.

Professional Values

Adhering to standards of professional conduct and practice where all business interactions are based on a foundation of integrity, honesty and impartiality.

External Forces & Industry Knowledge

Identifying and incorporating the implications of economic, social, regulatory, geo-political and business changes into the design and delivery of actuarial solutions.


Initiating, innovating, inspiring, creating or otherwise acting to influence others regardless of level or role toward a common goal.

Relationship Management & Interpersonal Collaboration

Creating mutually beneficial relationships and work processes toward a common goal.

Technical Skills & Analytical Problem Solving

Applying the actuarial knowledge, skills and judgment required to provide value-added services.

Strategic Insight & Integration

Anticipating trends and strategically aligning actuarial practice with broader organizational business goals.

Results-Oriented Solutions

Providing effective problem solving that addresses relevant interests and needs.