I'm not too familiar with life insurance terms so I was wondering if someone can clear up some definitions for me. I know for P&C when claim comes in, the insurance company puts reserve on a claim to make sure they can afford to pay the insured in the future. But for life insurance, do they put reserve to pay the death benefit in the future? Also, what exactly is a deficiency reserve?
I know life insurance also require GAAP information because of the law in the U.S. to make sure that the insurance companies have enough money to pay the insured in the future, so life insurance company provide financial information to the government, is that true?
Also, can someone clear up valuation term that life actuaries work on?
Thank you
I know life insurance also require GAAP information because of the law in the U.S. to make sure that the insurance companies have enough money to pay the insured in the future, so life insurance company provide financial information to the government, is that true?
Also, can someone clear up valuation term that life actuaries work on?
Thank you
life insurance question
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