US GAAP Basics – Universal Life Webcast

Date

March 14, 2018

  • Technical Skills & Analytical Problem Solving

 

Event Home | Registration | Presenter & Moderator | CPD

 

Presented by

Financial Reporting Section and PolySystems

Time

Noon–1:30 p.m. ET

Location

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 Financial Reporting, Modeling, Product Development, and Smaller Insurance Company sections, as well as all actuaries interested in or involved with U.S. GAAP for universal life products.

Description

This webcast reviews basic GAAP reporting principles for universal life type insurance products, including indexed and variable variations.  It is the second in a three-part series of webcasts on the basics of U.S. GAAP sponsored by the Financial Reporting Section and PolySystems. The series will highlight key GAAP content from the more in-depth, full-day reserves seminars jointly sponsored by the SOA and PolySystems each June.  The three webcasts in the series are as follows:

GAAP Basics – Traditional Life (Thursday, March 8)

GAAP Basics – Universal Life (Wednesday, March 14)

GAAP Basics – Deferred Annuities (Thursday, March 22)

Each webcast in the series features GAAP valuation examples that build upon one another to illustrate the basic application of GAAP reporting principles to sample policies.

Key topics in this webcast on universal life include the following: FAS 97, estimated gross profits (EGPs), deferred acquisition costs (DAC), recoverability testing, GAAP financial statement presentation, GAAP for Indexed Universal Life, and SOP 03-1.

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

How the live webcast works and what it includes

You do not need any special equipment. On March 13, 2018, before 2:00 p.m. ET you will be sent detailed webcast instructions via email including the Web address for accessing the live-streaming broadcast presentation. Any handouts that are available will also be sent.

Please review the technical requirement sheet for the webcast platform with your IT department and make sure there aren’t firewall issues with audio streaming through your computers. You can test your computer using the following link to ensure the audio streaming is working properly.

In addition, if you have Windows 7, we recommend using Firefox, Chrome or Edge - not Internet Explorer 11 – in order to avoid problems with streaming audio.

 

Back

Legend

Communication

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.

Leadership

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.