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Synopsis: A concise but comprehensive introduction to the principles behind the statutory accounting system prescribed by state insurance regulations and used by insurance companies. Basic Concepts describes the flow of revenue and expenses in a property/casualty insurance company, analyzes the Annual Statement, examines liabilities (specifically, unearned premium, estimated loss, and loss expense reserves) and insurance company assets (stocks and bonds, real estate, mortgages, collateral loans), discusses security exchange organizations, and presents industry totals for a number of pages of the Annual Statement. The book demonstrates the fundamental fiduciary nature of the insurance business. Contents: Introduction; Elements of P/C Insurance Accounting; Liabilities and Surplus; Assets; Income Statements; Federal Taxation; Other Financial Reports.
About the Author: Sean Mooney is Senior Vice President and Economist at the Insurance Information Institute, New York. Larry Cohen, C.P.A., is Tax Partner at Coopers and Lybrand, New York.
Title: Basic Concepts of Accounting & Taxation of
Publisher: University Press Of America
Publication Date: 1992
Book Condition: Used: Good
Book Description University Press Of America, 1992. Book Condition: Good. Shows some signs of wear, and may have some markings on the inside. Bookseller Inventory # GRP85503872