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Unit 8: Accounting for Insurance Companies
Pavitar Parkash Singh, Lovely Professional University
unit 8: accounting for insurance companies notes
contents
Objectives
Introduction
8.1 Types of Life Insurance Products
8.1.1 Term Insurance
8.1.2 Whole-life Assurance
8.1.3 Endowment Assurance
8.1.4 Maximum Investment Contracts
8.1.5 Annuities
8.1.6 Pensions
8.1.7 Permanent Health Insurance (PHI)
8.1.8 Premiums
8.2 Accounting for Insurance
8.2.1 Premiums
8.2.2 Claims
8.2.3 Commissions
8.2.4 Reinsurance
8.3 Insurance Accounting
8.3.1 Loss and Loss Adjustment Expense Accounting
8.3.2 Reinsurance Accounting Basics
8.3.3 Deposit Accounting
8.4 Summary
8.5 Keywords
8.6 Review Questions
8.7 Further Readings
objectives
After studying this unit, you will be able to:
l z Discuss the types of Life insurance products
l z Describe the basics of accounting for insurance
l z Explain the concept of Insurance accounting
l z Discuss the accounting for insurance companies with the help of few illustrations
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