The following is the first 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 traditional life insurance products, including term and whole life insurance. Differences coming under Accounting Standards Update (ASU) No. 2018-12, Targeted Improvements to the Accounting for Long-Duration Contracts, will also 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 traditional life include: the GAAP balance sheet and statement reserve methods, GAAP profit emergence, GAAP assumptions and provisions for adverse deviation (PADs), deferred acquisition cost (DAC), benefit reserves, loss recognition, 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.
Dana Alden Atkins ASA,MAAA
Manager, Actuarial Services
Marianne Clifford FSA,MAAA,CERA
Jason E. Kehrberg, FSA, MAAA