The course explores the basics principles of all types of insurance, Life, Property and Casualty, Health, Fraternal and Title with emphasis on Statutory reporting requirements.

Upon completion of this course, you will be able to:

• Recognize the purpose and concept of insurance
• Apply the fundamental concepts of the insurance industry
• Define how insurance is regulated
• Apply Statutory and U.S. GAAP financial reporting for insurance companies
• Identify key concepts of reinsurance
• Apply the Risk-Based Capital (RBC) Concept

Course Content:

• Definition of insurance
• History of insurance
• Industry fundamentals - Products and risks
  • Distribution systems
  • Types of insurance
  • Investments
• Ownership and Capital Structures
• Regulation of Insurance History
• State Regulation of Industry
• Regulation of Insurance Key Department of Insurance Functions
• Regulation of Insurance Objectives of National Association of Insurance Commissioners (NAIC)
• Statutory and GAAP Philosophies
• Sources of Statutory Guidance
• GAAP Reporting
• Statutory Insurance Accounting and Products
• GAAP Product Accounting Summary
• Income Recognition
• Comparison of P&C and Life Premium Accounting
• Expense Recognition
• Reserve Concepts
• Invested Asset Valuation
• Separate Accounts
• Nonadmitted Assets
• Risk-Based Capital (RBC)
• The RBC Ratio