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AIAF 114: Assignment 1 With Questions And 100% ALL SURE ANSWERS
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JACKLINEAIAF 114: Assignment 1 With Questions And 100% ALL SURE ANSWERS
Terms in this set (17)
A common set of accounting standards and procedures used in the preparation of financial
Generally Accepted Accounting Principles (GAAP)
statements to ensure consistency of presentation and reported results.
The accounting principles and practices that are prescribed or permitted by an insurer's
Statutory Accounting Principles (SAP)
domiciliary state and that insurers must follow.
Mark-to-model The valuation of an asset based on financial models instead of market price.
Mark-to-market The value of an asset or liability based on its current market price.
An accounting approach in which the focus is to coordinate the timing of income and expense
Deferral-matching
recognition so that both occur when the triggering event that is the focus of the contract occurs.
A current asset representing monies owed to a business by customers for good or services
Accounts Receivable
rendered.
Amounts for losses and loss adjustment expenses owed to an insurer under reinsurance
Reinsurance Recoverables
agreements covering paid losses.
AIAF 114: Assignment 1
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