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The first title insurance company, the Law Property Assurance and Trust Society, was formed in Pennsylvania in 1853. [1] Typically the real property interests insured are fee simple ownership or a mortgage. However, title insurance can be purchased to insure any interest in real property, including an easement, lease, or life estate.
A statutory basis of accounting (for example, a basis of accounting that insurance companies use under the rules of a state insurance commission). Income-tax-basis financial statements. Cash-basis and modified-cash-basis financial statements. Financial statements prepared using definitive criteria having substantial support in accounting ...
LOMA offers an employee training and development program used by the majority of American life insurance companies, and by life insurance companies in over 70 other countries worldwide. [4] The president and CEO of LL Global is David Levenson. [5] LOMA administers a series of designation programs.
The total costs of a title insurance premium, settlement expenses, and ongoing costs of an annual mortgage insurance premium (if applicable) equate to only about 1% of a borrower’s overall life ...
ISO's databases contain more than 19 billion detailed records relating to insurance and risk management, which form the basis for its information services, [6] with two billion records collected each year. [7] ISO employs many members of the Casualty Actuarial Society and other insurance professionals to develop its risk-related products and ...
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The Association for Cooperative Operations Research and Development (ACORD) is a non-profit organization in the insurance industry. [1] ACORD publishes and maintains an archive of standardized forms. ACORD has also developed a comprehensive library of electronic data standards with more than 1200 standardized transaction types to support ...
IFRS 9 began as a joint project between IASB and the Financial Accounting Standards Board (FASB), which promulgates accounting standards in the United States. The boards published a joint discussion paper in March 2008 proposing an eventual goal of reporting all financial instruments at fair value, with all changes in fair value reported in net income (FASB) or profit and loss (IASB). [1]