Insurance in The United States - Definition

Definition

In recent years this kind of operational definition proved inadequate as a result of contracts that had the form but not the substance of insurance. The essence of insurance is the transfer of risk from the insured to one or more insurers. How much risk a contract actually transfers proved to be at the heart of the controversy. This issue arose most clearly in reinsurance, where the use of Financial Reinsurance to reengineer insurer balance sheets under US GAAP became fashionable during the 1980s. The accounting profession raised serious concerns about the use of reinsurance in which little if any actual risk was transferred, and went on to address the issue in FAS 113, cited above. While on its face, FAS 113 is limited to accounting for reinsurance transactions, the guidance it contains is generally conceded to be equally applicable to US GAAP accounting for insurance transactions executed by commercial enterprises.

Read more about this topic:  Insurance In The United States

Other articles related to "definitions, definition":

Pashtun People - Pashtuns Defined
... These three definitions may be described as the ethno-linguistic definition, the religious-cultural definition, and the patrilineal definition, respectively ...
Definition of Dietary Fiber
... that resist human digestive enzymes, a definition that includes lignin and polysaccharides ... The definition was later changed to also include resistant starches, along with inulin and other oligosaccharides ... Official definition of dietary fiber differs a little among different institutions Organization (reference) Definition Institute of Medicine Dietary fiber consists of nondigestible carbohydrates and lignin ...
Definition - In Medicine
... In medical dictionaries, definitions should to the greatest extent possible be simple and easy to understand, preferably even by the general public useful clinically or in related areas where the ...
Sustainable Development - Definition
... included what is now one of the most widely recognised definitions "Sustainable development is development that meets the needs of the present without compromising the ability of future ... It offers an integrated vision and definition of strong sustainability ... It generates a more nuanced definition of sustainable development “the need to ensure a better quality of life for all, now and into the future, in a just and equitable manner, whilst living within the limits of ...
ESPN - High Definition
... ESPN launched its 720p high-definition simulcast, originally branded as ESPNHD, on March 20, 2001 ... Live studio shows, along with most live events on ESPN, use high definition ... non-HD sources is presented in a standard definition, 43 format with stylized pillarboxes ...

Famous quotes containing the word definition:

    ... we all know the wag’s definition of a philanthropist: a man whose charity increases directly as the square of the distance.
    George Eliot [Mary Ann (or Marian)

    Scientific method is the way to truth, but it affords, even in
    principle, no unique definition of truth. Any so-called pragmatic
    definition of truth is doomed to failure equally.
    Willard Van Orman Quine (b. 1908)

    I’m beginning to think that the proper definition of “Man” is “an animal that writes letters.”
    Lewis Carroll [Charles Lutwidge Dodgson] (1832–1898)