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CPCU 520-12

Chapter 12

QuestionAnswer
NAIC Annual Statement the primary financial statement prepared by insurers and req. by every state ins. department.
Statutory Accounting Principles (SAP) tge accounting principles and practices that are prescribed or permitted by an insurer's domiciliary state and that insurer must follow.
Policyholder's Surplus The balance sheet item representing an insurer's net worth under statutory accounting
Premium Balances An insurer receivable consisting of premium amounts due from producers.
Loss reserves An insurer liability representing the insurer's obligation to pay claims that have occurred but have not yet been paid.
LAE Reserve An insurer liability representing the expense amounts it has incurred to settle claims that have not yet been paid
Unearned premium reserve An insurer liability representing the amount of premiums received from policyholders that are not yet earned.
Other UW expenses An insurer expense item representing expenses arising from its underwriting activities, including sales commissions paid to producers, salaries, and benefits for insurer staff, and other operating expenses.
Reinsurance Recoverables Amount for losses and LAE owed to an insurer under reinsurance agreements covering paid losses.
Unauthorized reinsurance Reinsurance agreements with reinsurer that are not licensed or otherwise authorized to do business in a primary insurer's state of domicile
Admitted Assets Assets meeting minimum standards of liquidity that an insurer is allowed to report on its balance sheet in accordance with SAP.
Non admitted Assets Assets that are not readily marketable and that are excluded from an insurer's balance sheet in accordance with SAP
Created by: holl6425
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