Accounting Standards Codification Flashcards

1
Q

two criteria for a short-duration contract

A
  • provides protection for a fixed period of short duration

* allows the insurer to cancel or change the provisions at the end of any contract period

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2
Q

example of a reinsurance contract with both retroactive and prospective provisions

A

contract not finalized until after the primary policy has been written, but before the end of the coverage period

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