Financial Accounting Standards Board (fasb)
Group that, with the exception of the government, establishes the standards for all financial accounting and reporting for the various entities in the United States. The standards enable comparability and consistency for financial statements among companies. The Securities and Exchange Commission (SEC) requires that all SEC registrants adhere to the FASB Standards when reporting financial information. The SEC also requires that members of the American Institute of Certified Public Accountants (AICPA) adhere to the FASB requirements when reporting financial data. The FASB is under the control of the Financial Accounting Foundation that provides it with financial support. The accounting firms, corporations, and others who utilize the information lend the financial support. An appointed advisory task force of outside experts representing the various views of auditors, prepares, and users review projects. With the help of the FASB staff, the task force issues a statement concerning the actual standards by which to abide, their effective date, research leading to the conclusions, and the logic upon which the conclusions are based.
Popular Insurance Terms
A person who relies on another for economic support. For insurance purposes, the following may be included: the insured's legal spouse; any unmarried children younger than a specified age ...
Independent insurance salesperson who represents particular insurers but may also function as a broker by searching the entire insurance market to place an applicant's coverage to maximize ...
Type of universal variable life insurance policy that provides guideline premiums to be paid usually by the policy owner. Charges on a monthly basis usually include the cost of insurance, ...
Bankruptcy. If an insured business firm becomes bankrupt, the circumstance does not relieve an insurance company of its obligations under an insurance contract. ...
Affiliate of the national association of life underwriters (NALU) that supports legislators in the interest of the insurance agents. One becomes a member of LUPAC through a monetary ...
Coverage for a tenant with a favorable lease (enabling the lessee to rent premises for less than the market value). If the lease is canceled by the lessor because an insured peril (such as ...
Life insurance policy with a death benefit that is paid only when the second of two insureds dies. No benefits are paid as long as both live or if just one lives. ...
Rating method for commercial fire insurance according to a predetermined schedule. Published by A. F. Dean in 1902, this method was the first comprehensive qualitative analysis procedure to ...
Same as term agent of record: individual who has a contractual agreement with a policyowner. The agent of record has a legal right to commissions from the insurance policy. ...
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