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Nematrian Reference Library

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AAA (2002)Fair Valuation of Insurance Liabilities: Principles and Methodshere

Introduction (partial)

"This paper has been prepared by the Fair Value Task Force of the American Academy of Actuaries to discuss the application of fair value accounting principles to the liabilities associated with insurance contracts. The actuarial and accounting literature abounds with different theories, approaches, and techniques for fair valuation of insurance liabilities. Often, however, such approaches and techniques have been presented in isolation. The core principles that underlie all such techniques are not often discussed. One purpose of this paper is to provide a framework of principles and basic approaches that apply to fair valuation of all financial instruments, including insurance contracts. A second purpose of the paper is to present several specific valuation techniques. The techniques presented here may be helpful in expanding the toolbox of some readers. However, each one is presented as a variation on the aforementioned framework of principles and basic approaches."


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