Course

Course Summary
Credit Type:
Course
ACE ID:
AICP-0146
Organization's ID:
AIAF 114
Location:
Classroom-based
Length:
8 weeks (32 -- 48 hours)
Dates Offered:
Credit Recommendation & Competencies
Level Credits (SH) Subject
Upper-Division Baccalaureate 2 Insurance Accounting
Description

Objective:

The course objective is to provide learners with a broad understanding of insurance accounting, including United States generally accepted accounting principles (GAAP) and statutory accounting principles (SAP) required by the various U.S. states. The student will learn the basic elements of property-casualty and life insurer financial statements as well as how insurer financial assets are valued and managed. Included are detailed explanations of property-casualty insurer premium accounting, loss accounting, reinsurance accounting, and tax accounting.

Learning Outcomes:

  • Interpret and compare U.S. generally accepted accounting principles (GAAP) and statutory financial statements of property-casualty insurers and life insurers
  • Discuss the valuation of assets for property-casualty insurers and life insurers
  • Develop an appreciation for how an insurer manages its assets and liabilities, including its invested assets, asset concentrations, and the matching of asset and liability durations
  • Explain various insurer accounting transactions and financial statement components
  • Discuss revenue recognition as well as the concepts of written, earned, and unearned premium

General Topics:

  • An introduction to insurance accounting
  • Property-casualty insurer financial statements
  • Life insurer financial statements
  • Property-casualty premium accounting
  • Property-casualty loss accounting
  • Insurer asset valuation and management
  • Reinsurance accounting and insurer taxation
Instruction & Assessment

Instructional Strategies:

  • Case Studies
  • Practical Exercises

Methods of Assessment:

  • Examinations

Minimum Passing Score:

70%
Supplemental Materials