CCIR - Annual Statement Instructions Flashcards

1
Q

Define ‘non-deferrable commission’.

A

Commission not exclusively RELATING TO and VARYING with the acquisition of premium, HENCE not recoverable over the term of the unexpired policy.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Ways of accounting for the time value of money in calculating the excess (or deficiency) ratio. (2)

A
  • Explicitly calculate investment income and add to excess amount; or,
  • discount the undiscounted amounts back to the SAME POINT IN TIME
How well did you know this?
1
Not at all
2
3
4
5
Perfectly