# ASC 944-60-15: Financial Services—Insurance — Premium Deficiency and Loss Recognition — 15 Scope and Scope Exceptions

Source: FASB Accounting Standards Codification, Basic View

[Read online](https://asc.understandingaccounting.org/asc/944/60/#15-scope-and-scope-exceptions)

Study and research edition. Verify current requirements with the official source. Summaries, enrichment, and tags are machine-generated study aids. Paragraph html preserves source markup; snippet is abbreviated. Pending content is not necessarily effective.

Tables and mathematical or amendment markup are retained as HTML where Markdown would lose structure.

Source downloaded (UTC): 2026-09-10T02:17:46.601Z to 2026-09-10T02:17:46.601Z

Record version: sha256:2cba22fc143dff9d7c5f21919de3cbc97dad948c9d662665134ecdbb20293897

Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f

Effective as of: not established by retrieval timestamps.


## ASC 944-60-15: 15 Scope and Scope Exceptions

[Read section](https://asc.understandingaccounting.org/asc/944/60/#15-scope-and-scope-exceptions)

SEC content: no

#### Overall Guidance

##### [944-60-15-1](https://asc.understandingaccounting.org/asc/944/60/#944-60-15-1)

Pending content: no

Source downloaded (UTC): 2026-09-10T02:17:46.601Z to 2026-09-10T02:17:46.601Z

Record version: sha256:c4bda5470618244ea82852613c22477914637af66ee13cec657ab8bc3330f564

Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f

Effective as of: not established by retrieval timestamps.


This Subtopic follows the same Scope and Scope Exceptions as outlined in the Overall Subtopic, see Section 944-10-15.

### Short-Duration Contracts

##### [944-60-15-2](https://asc.understandingaccounting.org/asc/944/60/#944-60-15-2)

Pending content: no

Source downloaded (UTC): 2026-09-10T02:17:46.601Z to 2026-09-10T02:17:46.601Z

Record version: sha256:706d3ea821f05e09cf6d581b786756f0350f70a90cf04e2c80dcc0d011379a3a

Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f

Effective as of: not established by retrieval timestamps.


The Short-Duration Contracts Subsections follow the same Scope and Scope Exceptions as outlined in the General Subsection of this Section, with specific instrument qualifications noted below.

#### Instruments

##### [944-60-15-3](https://asc.understandingaccounting.org/asc/944/60/#944-60-15-3)

Pending content: no

Source downloaded (UTC): 2026-09-10T02:17:46.601Z to 2026-09-10T02:17:46.601Z

Record version: sha256:537b840a0e5a43bb5923cc05bd5140213117dec916c1bdc03beb348f4eebc7df

Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f

Effective as of: not established by retrieval timestamps.


The guidance in the Short-Duration Contracts Subsections of this Subtopic applies only to short-duration contracts. See the [Short-Duration Contracts Subsection](https://asc.understandingaccounting.org/asc/944/20/#15-scope-and-scope-exceptions) of Section 944-20-15 for a discussion of what constitutes a short-duration contract.

### Long-Duration Contracts

#### Overall Guidance

##### [944-60-15-4](https://asc.understandingaccounting.org/asc/944/60/#944-60-15-4)

Pending content: no

Source downloaded (UTC): 2026-09-10T02:17:46.601Z to 2026-09-10T02:17:46.601Z

Record version: sha256:6d164b8bd73184f81302e3466c6cea4065ab2b78c55ca07e9adf6f1b8685ba9b

Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f

Effective as of: not established by retrieval timestamps.


The Long-Duration Contracts Subsections follow the same Scope and Scope Exceptions as outlined in the General Subsection of this Section, with specific instrument qualifications noted below.

#### Instruments

##### [944-60-15-5](https://asc.understandingaccounting.org/asc/944/60/#944-60-15-5)

Pending content: no

Source downloaded (UTC): 2026-09-10T02:17:46.601Z to 2026-09-10T02:17:46.601Z

Record version: sha256:a7803e2a9dc91e7b6f018109310e6692f839afd34ed16dd5ac518e9d7e64e384

Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f

Effective as of: not established by retrieval timestamps.


The guidance in the Long-Duration Contracts Subsections of this Subtopic applies to long-duration contracts, except for the liability for future policy benefits for traditional and limited-payment contracts subject to the guidance in paragraph [944-40-25-11](https://asc.understandingaccounting.org/asc/944/40/#944-40-25-11). Paragraph [944-30-35-63](https://asc.understandingaccounting.org/asc/944/30/#944-30-35-63) specifies that the present value of future profits relating to insurance (including traditional and limited-payment) and reinsurance contracts acquired is subject to premium deficiency testing in accordance with the provisions of this Subtopic (see paragraph [944-805-35-3](https://asc.understandingaccounting.org/asc/805/944/#805-944-35-3)). See the [Long-Duration Contracts Subsection](https://asc.understandingaccounting.org/asc/944/20/#15-scope-and-scope-exceptions) of Section 944-20-15 for a discussion of what constitutes a long-duration contract.