{"schema_version":2,"canonical_url":"https://asc.understandingaccounting.org/asc/944/60/#30-initial-measurement","source":"FASB Accounting Standards Codification, Basic View","usage":"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.","topic":"944","topic_title":"Financial Services—Insurance","subtopic":"944-60","subtopic_title":"Premium Deficiency and Loss Recognition","section":{"number":"30","label":"30 Initial Measurement","anchor":"30-initial-measurement","is_sec":false,"groups":[{"block":"Long-Duration Contracts","heading":null,"paragraphs":[{"citation":"944-60-30-1","para":"30-1","html":"<div class=\"asc-body\"><div class=\"norm-text\">If the conditions in paragraph <a href=\"/asc/944/60/#944-60-25-7\" class=\"xref\">944-60-25-7</a> exist, an entity shall determine the <span class=\"sfragment\" id=\"sfr_069B40F9-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\"><a href=\"/glossary/l/#liability-for-future-policy-benefits\" class=\"term\" title=\"An accrued obligation to policyholders that relates to insured events, such as death or disability.\"><span>liability for future policy benefits</span></a> using revised assumptions as the remainder of </span></span><span class=\"sfragment\" id=\"sfr_069B41D0-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">the present value of future payments for benefits and related settlement costs (determined using revised assumptions based on actual and anticipated experience) </span></span><span class=\"sfragment\" id=\"sfr_069B4298-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">minus the present value of future gross premiums (also determined using revised assumptions based on actual and anticipated experience). </span></span></div></div>","snippet":"If the conditions in paragraph 944-60-25-7 exist, an entity shall determine the liability for future policy benefits using revised assumptions as the remainder of the present value of future payments for benefits and rel…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:cb5e197fb6e5393973039eba39aed540f6edd3ebcc8474794ee09a5175296257","downloaded_from":"2026-09-10T02:17:55.154Z","last_downloaded_at":"2026-09-10T02:17:55.154Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147479543","source_sha256":"8a521f98e92770d6ee225cb0a0a5587bedab2ffe97b24834f598650a460e40d5"}},{"citation":"944-60-30-2","para":"30-2","html":"<div class=\"asc-body\"><div class=\"norm-text\"><span class=\"sfragment\" id=\"sfr_069B467F-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">A premium deficiency shall then be determined as the liability measured in paragraph <a href=\"/asc/944/60/#944-60-30-1\" class=\"xref\">944-60-30-1</a></span></span><span class=\"sfragment\" id=\"sfr_069B4742-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">minus the liability for future policy benefits at the valuation date, reduced by </span></span><span class=\"sfragment\" id=\"sfr_069B47E9-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">the unamortized present value of future profits. </span></span></div></div>","snippet":"A premium deficiency shall then be determined as the liability measured in paragraph 944-60-30-1minus the liability for future policy benefits at the valuation date, reduced by the unamortized present value of future pro…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:731ccd483c1edca48a71622a8490cd76d88f2759536b96e2b672127c22ee0bba","downloaded_from":"2026-09-10T02:17:55.154Z","last_downloaded_at":"2026-09-10T02:17:55.154Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147479543","source_sha256":"8a521f98e92770d6ee225cb0a0a5587bedab2ffe97b24834f598650a460e40d5"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:4c26f415d951ed76b11be29b0d1b38cf7cda66c9ab77da55559083d68a80f39d","downloaded_from":"2026-09-10T02:17:55.154Z","last_downloaded_at":"2026-09-10T02:17:55.154Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not 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