Here is how we think it should work. IT being your analysis of an insurance program. Second, subscribe to Loss Forecaster II . This loss forecasting and loss reserving application is designed to complement an insurance program analysis. The software allows any insurance professional to easily apply standard actuarial techniques to calculate IBNR, letter of credit requirements, forecast losses, track cash-flow and analyze cost differences between different retention levels.
Actuaries estimate funding levels for insurance programs.
An analysis of past and future liabilities is necessary to insure proper financial reporting and program funding. This statement establishes accounting standards which governmental entities must follow in reporting of risk financing and insurance related activities. One of these requirements includes an estimate of costs relating to incurred but not reported claims. The primary purpose of this statement is to ensure that financial statements properly reflect the current financial conditions by including liabilities for all property and casualty lines of coverage. The American Institute of Certified Public Accountants Statement of Position 87-1 applies to all health care providers.