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5 Cards in this Set

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What does the income statement measure?
Changes in owner's equity during a stated period of time.
What does the Balance Sheet report on?
It shows the level of assets and liabilities, and the status of the shareholder's equity, or surplus, for the insurer.
Balance Sheet Equation
Assets=Liabilities +Owner's Equity
Loss Reserve Liability Account
Incurred Losses=Paid Losses+Ending Claim Liability-Beginning Claim Liability
The Income Statement
Owner's Equity=Contributed Capital+Retained Earnings