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
Replacement car or additional car as used in the personal automobile policy. ...
In workers compensation insurance policies and several business property and liability policies, review of the payroll of a business firm in order to determine the premium for coverage. ...
Minimum of care owed by one party for the physical safety of another. Liability suits are brought because of negligent acts and omissions resulting from failures to exercise due care. ...
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Type of excess of loss reinsurance in which the insurance company (cedent) receives payments from its re-insurer in a specific pattern of payments. ...
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