Hi there, I have a question regarding reserving for temporary coverage. Here is the situation. When an application for UL is submitted along with the first premium, the insured is temporarily covered up to a specified amount, say 3M, till policy issue. And commission is paid on the premium paid. My question is that how we reserve for the temporary coverage under both Stat and GAAP during the period between application and policy issue. Are there any guidelines? Any idea and input will be greatly appreciated.
Reserve for UL temporary coverage
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