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In the insurance industry, gross premiums written is the sum of both direct premiums written (see next paragraph) and assumed premiums written, before deducting ceded reinsurance. Direct premiums written represents the premiums on all policies the company's insurance subsidiaries have issued during the year.
For example, for the 1984 year a syndicate would ordinarily declare its result at 31 December 1986. The syndicate's 1984 members would therefore be paid any profit during 1987 (in proportion to their share of the total capacity of the syndicate); conversely, they would have to reimburse the syndicate during 1987 for their share of any 1984 loss.
IFRS 17 is an International Financial Reporting Standard that was issued by the International Accounting Standards Board in May 2017. [1] [2] It will replace IFRS 4 on accounting for insurance contracts and has an effective date of 1 January 2023. [3] The original effective date was meant to be 1 January 2021. [2]
A form of term life insurance coverage that provides a return of some of the premiums paid during the policy term if the insured person outlives the duration of the term life insurance policy. For example, if an individual owns a 10-year return of premium term life insurance plan and the 10-year term has expired, the premiums paid by the owner ...
A chart of accounts (COA) is a list of financial accounts and reference numbers, grouped into categories, such as assets, liabilities, equity, revenue and expenses, and used for recording transactions in the organization's general ledger.
DIC insurance is commonly used by business owners, especially those with large-scale operations or expensive corporate buildings, to bridge the gap in coverage from their standard insurance policies.
A journal entry is the act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company's debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit. The total of the debits must equal the ...
A transaction account is a bank account that provides individuals with immediate access to money. Transaction accounts have full liquidity to pay bills and make everyday purchases. What Type of...