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The Premium Cycle
The Claims Cycle
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accepted accounting principles accounting principles agents AICPA alternative minimum tax amount annual statement application assuming company audit risk Auditing Procedures balance sheet basis bonds brokers carrying values cash ceding company changes commissions company's contingent commissions coverage cycle December 31 deductible deferred tax Deposit premiums determining discounting equity estimates evaluate example FASB Statement Financial Statement Assertions futures contracts GAAP income taxes incurred independent auditor insurance departments insurance industry internal control structure issued ledger liabilities for unpaid liability insurance companies line of business loss ratio loss reserves loss-adjustment expenses losses and loss-adjustment market value method NAIC operating payments percent period premium rates premiums written property and liability recorded recoverable regulations regulatory authorities reinsurance contracts return premiums salvage and subrogation schedule securities specific statutory accounting practices surplus taxable income temporary differences transactions underwriting unearned premium reserve unpaid claims unpaid losses