SSAP 55 and 65 Flashcards Preview

Exam 6 > SSAP 55 and 65 > Flashcards

Flashcards in SSAP 55 and 65 Deck (13)
1

Liability disclosures

Anticipated SalSub,
Liability balance at beginning of each year,
Policies to estimate liabilities
Reason for changes in prior year losses

2

Extended reporting, indefinite period

Premium fully earned at inception of contract, liabilities should be recognized immediately

3

Extended reporting, fixed period

Premium earned over the term (UEPR for unexpired portion), losses recorded when reported

4

Discounting disclosures

Tables used, rates used, discounted amount, amount of tabular discount by LOB

5

Discounting disclosure if rates have changed

Amount of discount under old rates
Amount of discount under current rates
Change due to change in rates/assumptions
Amount of non-tabular discount

6

Testing adequate UEPR for long-term policies

1) MBE of amounts refundable at reporting date
2) Gross premium * projected future loss ratio
3) Projected future gross losses to be incurred during unexpired term minus PV of guaranteed premiums;
UEPR should not be smaller han largest result

7

Deductible recoveries, no collateral

Over 90 days, nonadmitted

8

Deductible recoveries, with collateral

10% of deductible excess of collateral is nonadmitted

9

AE disclosures

Reserving methods
Amount incurred
Description of LOBs affected
Five years' activity

10

Policyholder Dividends become liabilities...

Immediately when they are declared

11

Functions of FIO

Coordinate federal efforts; develop federal policy with regards to int'l insurance matters; consult with states regarding insurance matters of national importance

12

FIO essentially

Has the power to act like a national regulator

13

High-deductible policy liabilities

Held net of recoverables