As insurance is a broad topic, there are several subtopics including but not limited to acquisition costs, claim costs, liabilities for future policy benefits, policyholder dividends, and premium deficiency loss recognition. The length of time contracts are entered into is a defining characteristic of the contracts as well as other characteristics such as the structure of the contract.
For more in depth information on this and other FASB ASC topics, check out the following books.
Accounting made easy, for FREE!
Access the contact form and send us your feedback, questions, etc. We are always welcome to help someone out. You can also contact us if you wish to submit your writing, cartoons, jokes, etc. and we will consider posting them to share with the world! The Facebook and LinkedIn groups are also good areas to find people interested in accounting like yourself, don’t hesitate to join as everyone of all levels are welcome to become part of the community.