Statutory Accounting Principles

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Statutory Accounting Principles

A system of accounting used by insurance companies. They are considered more conservative than the Generally Accepted Accounting Principles; this is because insurance companies will, at one point or another, have to pay benefits to most policyholders. Therefore, they must take all possible steps to remain solvent. SAP have minor variation by state, but are generally used by all insurance companies in the United States.
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