The IASB issued IFRS 4 in March 2004 to provide interim guidance on
accounting for insurance contracts. The Standard is the result of the first
phase (phase I) of the IASB's project to develop an accounting standard
to address the many complex and conceptual problems in insurance
accounting. Before introduction of the Standard, IFRSs did not address
specific insurance issues, while certain IFRSs specifically excluded
insurance business. This resulted in diversity in the accounting practices
The level of insurance risk may vary during the period of the insurance contract.
For example, in a pure endowment policy the insurance risk reduces as the value
of the investment increases. Also, in a deferred annuity contract there may be no
insurance risk during the savings phase but there is significant insurance risk
during the annuity phase.
In assessing the significance of insurance risk at the inception of the contract the
effect of discounting on the expected cash flows may be significant.
Communities have different ways of organizing participation, for example
community assemblies, solidarity committees, and so on. Bolivia has an
interesting form of citizen participation called vigilance committees. These
committees oversee the proper expenditure of project money and the
mayor’s work in ensuring the needs and demands of communities are met.
The workshop’s participants are now asking whether projects built by
social funds are sustainable.
Revenue insurance accounts for more than half of all crop insurance policies (Figure 2). It began
in 1997 as a buy-up option on a pilot basis for major crops. By 2003, acreage under revenue-
based insurance exceeded acreage covered by APH policies. Revenue insurance combines the
production guarantee component of crop insurance with a price guarantee to create a target
Under revenue insurance programs, participating producers are assigned a target level of revenue
based on market prices for the commodity and the producer’s yield history.
The Full Scoop - How To Generate Leads For Insurance Online
By: Jason Hornung – President Jason Hornung Agency, Inc. If you look around my site for any length of time, you'll notice the survey in the sidebar. The last question I ask is "what can I do to knock your socks off". Just the other day, I got this as a response to that very question: "Show me how to generate leads without just taking my money and running. Not much logs in the fire here." In this post, I'll give you all the steps that are involved with generating...
In this article, you are going to discover some things about insurance marketing on the internet that you won't hear anywhere else. And you'll see exactly why these things will prevent you from ever being successful marketing for insurance online. So buckle up tight and prepare for the ride partner...
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How To Create An Online System To Generate Insurance Agent Leads
By: Jason Hornung – President Jason Hornung Agency, Inc. Below you will find a transcript from a coaching call I did with my client Russ Sims, who is an agent in Seattle. We are discussing how to use the Agent’s Lead Machine system to start generating insurance agent leads as quickly as possible. Just so you know, these coaching calls are normally $97 each for 30 minutes. However, if you enroll in the Agent’s Lead Machine Program by clicking the link below, you can get two of these calls for...
What Really Constitutes A Qualified Insurance Lead?
By: Jason Hornung – President Jason Hornung Agency, Inc. I got this response on a survey where I asked the question: what's your most important question about generating insurance leads online? "How to get a qualified insurance lead, one that's hungry for my solutions." In this post, I'm going to give you the answer to that and I guarantee you that it's something that you don't expect...
Appendix A: Derivatives. Derivatives are financial instruments that “derive” their values from some other security or index. They serve as a form of ‘insurance” against risk. Financial futures, forward contracts, options, and interest rate swaps are the most frequently used derivatives.
This version includes amendments resulting from IFRSs issued up to 31 December 2008. IAS 18 Revenue was issued by the International Accounting Standards Committee in December 1993. It replaced IAS 18 Revenue Recognition (issued in December 1982).
Professor Wahlen's teaching and research interests focus on financial accounting, financial statement analysis and the capital markets. His research investigates earnings quality and earnings management; earnings volatility as an indicator of risk; fair value accounting for financial instruments; accounting for loss reserve estimates by banks and insurers; stock market efficiency with respect to accounting information; and testing the extent to which future stock returns can be predicted with earnings and other financial statement information. ...
Finance has become one of the most important and popular subjects in
management school today. This subject has progressed tremendously in
the last forty years, integrating models and ideas from other areas such as
physics, statistics, and accounting. The financial markets have also rap-
idly expanded and changed extensively with improved technology and the
ever changing regulatory and social environment.
Why does anyone invest money? Why place yourself at risk and expose yourself
to the volatility of the stock market? Why not just leave your capital in an
insured savings account?
Of course, there are logical answers to these questions. As an astute investor,
you already know that taking risk is an inherent part of investing your capital
anywhere. For example, you could opt to place all of your capital in an insured
account at your bank; in fact, many highly conservative investors do just that.
This option also involves risk, however...
The nature of annuities and their potential to be considered both insurance and in-
vestment products complicated attempts during this study to differentiate annuities
sold by insurance companies as insurance products from those annuities that qualify
solely as investment products that happened to be sold by insurance companies.
The SAR narratives reference annuities in the manner portrayed in Table 7.
Unbundling the deposit component of an insurance contract leads to the separate
recognition and measurement of the financial asset or financial liability arising under
the deposit component, and the insurance component of the contract.
If the deposit unbundling rules did not apply and the accounting policies of
the insurer or reinsurer did not require all assets and liabilities under the contract
to be recognised, liabilities might be incorrectly recognised as income and assets
As noted above, IFRS 4 does not require separation if the component itself meets
the definition of an insurance contract. In considering whether this exemption
applies, insurance risk is assessed in relation to the component. It may happen
that the contract as a whole does not fall within the scope of IFRS 4 because it
does not contain significant insurance risk, but that the component itself contains
significant insurance risk and, had it been a separate contract, would have fallen
within the definition of an insurance contract.
The basis of all business is buying and selling goods or services or a combination
of the two. The word product is these days used for both goods and services.
A television is a product and a particular type of insurance scheme may be
described by the provider as a product. For the purposes of this Report the word
product will be used in the former sense. Products are designed and produced
and sold to customers as end items in themselves.
The estimated proportion uninsured was higher among the poor (22%) and near-poor (17%) compared
with non-poor residents (4%).
Poverty status is determined by household size at the time of the survey and household income in the
calendar year preceding the survey. A household of four people was considered “poor” (below the
federal poverty guideline) in the 2008 survey if total income in 2007 was below $21,000 (see Table 13,