US GAAP Basics Webcast Series - Universal Life Insurance Webcast 8.7.19 Recording

The following is the second in a three-part series of webcasts on the basics of U.S. GAAP, sponsored by the Financial Reporting Section and presented by PolySystems, and highlighting key U.S. GAAP content from the more in-depth full-day reserves seminars jointly sponsored by the Society of Actuaries (SOA) and PolySystems each June.

This webcast reviews basic U.S. GAAP reporting principles for universal life type insurance products, including indexed and variable variations. Differences coming under Accounting Standards Update (ASU) No. 2018-12, Targeted Improvements to the Accounting for Long-Duration Contracts, will be highlighted.

The three webcasts in the series are as follows:

· U.S. GAAP Basics – Traditional Life Insurance -  Wednesday, July 31, 2019

· U. S. GAAP Basics – Universal Life Insurance -  Wednesday, August 7, 2019

· U.S. GAAP Basics – Deferred Annuities - Thursday, August 15, 2019

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: FAS 97, estimated gross profits (EGPs), deferred acquisition costs (DAC), recoverability testing, U.S. GAAP financial statement presentation, U.S. GAAP for Indexed Universal Life, and SOP 03-1.

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.