Financial Accounting Standards Board (fasb) 106
Definition of "Financial accounting standards board (fasb) 106"
New pension-accounting rule (Employers Accounting for Post retirement Benefits Other Than Pensions) which mandates that employers that provide post retirement benefits to include life insurance, medical, or dental begin accruing an expense against current income for the expected future cost of such benefits. Additionally, the employer must list on the balance sheet a liability entry reflecting the total expected amount to be owed for the future benefit cost.
Popular Insurance Terms
Monetary fund established to pay for claims that the insurance company is aware of (claims incurred or future claims) but that the insurance company has not yet settled. This reserve is ...
Eligible employees reimbursed from the employer for family health care expenses paid by those employees to include health insurance premiums, disability income insurance premiums, and ...
Insured peril in some property insurance policies that encompasses any accidental damage to insured property while being removed to safety from the immediate threat of damage by another ...
Purchasing bond investments that mature at different time intervals. ...
Professional designation earned after the successful completion of six national examinations given by the insurance institute of America (IIA). Covers such areas of expertise as ocean ...
System in which shareholders are not issued physical stock certificates; instead, they are sent a statement that shows the number of shares registered in the shareholder's name on the ...
Use of new rate structures by an insurance company without first obtaining approval of a State Insurance Department. ...
1968 federal legislation that makes it mandatory for lenders to disclose to credit applicants the annual interest percentage rate (APR) and any finance charge. ...
Life insurance accounting method that does not require any terminal reserve for a policy at the end of the first year. First-year policy acquisition expenses, such as agent commission, ...
Have a question or comment?
We're here to help.