Glossary
This glossary is used in conjunction with the ASOPs listed on this website.
Valuation Basis
Capital Adequacy Assessment for Insurers (2nd Exposure Draft)
An accounting or economic framework for the recognition and measurement of assets and liabilities.
Capital Adequacy Assessment (Third Exposure Draft)
An accounting or economic framework for the recognition and measurement of assets and liabilities.
Capital Adequacy Assessment
An accounting or economic framework for the recognition and measurement of assets and liabilities.
Valuation Date
Statements of Actuarial Opinion Regarding Health Insurance Assets and Liabilities
The date for which the actuarial opinion is provided.
Statements of Actuarial Opinion Regarding Property/Casualty Loss, Loss Adjustment Expense, or Other Reserves
The date through which transactions are included in the data used in the unpaid claim estimate analysis.
Principle-Based Reserves for Life Products
The date as of which the minimum reserve is to be determined.
ASOP No. 28 – Statements of Actuarial Opinion Regarding Health Insurance Liabilities (Proposed Revision)
The date for which the actuarial opinion is provided and the cutoff date for amounts recorded as paid in a financial statement. This sometimes is referred to as the accounting date.
ASOP No. 36 – Statements of Actuarial Opinion Regarding Property/Casualty Loss and Loss Adjustment Expense Reserves (Proposed Revision, Second Exposure Draft)
The date through which transactions are included in the data used in the unpaid claim estimate analysis.
ASOP No. 36 – Statements of Actuarial Opinion Regarding Property/Casualty Loss and Loss Adjustment Expense Reserves (Proposed Revision)
The date through which transactions are included in the data used in the unpaid claim estimate analysis.
ASOP No. 3 – Continuing Care Retirement Communities (Proposed Revision)
The date at which the values of the assets and liabilities of the CCRC are determined.
Principle-Based Reserves for Life Products (Second Exposure Draft)
The date as of which the reserve is to be determined.
Standards for Principle-Based Reserves for Life Products
The date when the reported reserve is to be valued as required by the Standard Valuation Law.
ASOP No. 5 Revision – Incurred Health and Disability Claims
The date as of which the liabilities are estimated.
Principle-Based Reserves for Life Products (Exposure Draft)
The date as of which the reserve is to be determined.
Incurred Health and Disability Claims
The date as of which the liabilities are estimated.
Health and Disability Actuarial Assets and Liabilities Other Than Liabilities for Incurred Claims
The date as of which the assets or liabilities are estimated.
Principle-Based Reserves for Life Products under the NAIC Valuation Manual
The date when the reserve is to be valued as required by the Standard Valuation Law.
Proposed Revision of ASOP No. 28 – Statements of Actuarial Opinion Regarding Health Insurance Assets and Liabilities (Exposure Draft)
The date as of which the assets or liabilities are estimated for the actuarial opinion provided.
Proposed Revision of ASOP No. 3 – Continuing Care Retirement Communities and At Home Programs (Exposure Draft)
The date as of which the assets and liabilities of the CCRC or At Home Program are estimated.
Statements of Actuarial Opinion Regarding Health Insurance Assets and Liabilities
The date as of which the assets or liabilities are estimated for the actuarial opinion provided.
Continuing Care Retirement Communities and At Home Programs
The date as of which the assets and liabilities of the CCRC or At Home Program are estimated.
Proposed Revision of ASOP No. 36 – Statements of Actuarial Opinion Regarding Property/Casualty Loss, Loss Adjustment Expense, or Other Reserves (Exposure Draft)
The date(s) through which transactions are included in the data used in the analysis.
Proposed Revision of ASOP No. 36 – Statements of Actuarial Opinion Regarding Property/Casualty Loss, Loss Adjustment Expense, or Other Reserves (Second Exposure Draft)
The date(s) through which transactions are included in the data used in the analysis.
Statements of Actuarial Opinion Regarding Health Insurance Assets and Liabilities
The date as of which the assets or liabilities are estimated for the actuarial opinion provided.
Statements of Actuarial Opinion Regarding Property/Casualty Loss, Loss Adjustment Expense, or Other Reserves
The date(s) through which transactions are included in the data used in the analysis.
Valuation Mortality Table
Compliance with the NAIC Valuation of Life Insurance Policies Model Regulation with Respect to X Factors
A table prescribed for determining mortality rates within section 1 of VM-M of the Valuation Manual.
Valuation Period
Value of Business Acquired (VOBA)
Proposed Revision of ASOP No. 10 – U.S. GAAP for Long-Duration Life, Annuity, and Health Products (Exposure Draft)
The intangible asset that arises in the application of GAAP purchase accounting as the difference between the reported value and the fair value of insurance contract liabilities, or comparable amounts determined in purchased insurance business combinations.
U.S. GAAP for Long-Duration Life, Annuity, and Health Products
The balance that arises in the application of GAAP purchase accounting as the difference between the reported value and the fair value of insurance contract liabilities, or comparable amounts determined in purchased insurance business combinations.