A liability for future policy benefits relating to traditional long-duration life insurance contracts is established in accordance with the provisions of ASC 944-40-25-10, ASC 944-40-30-7 through ASC 944-40-30-15, and ASC 944-40-35-5 through ASC 944-40-35-7. The aggregate reserve for future policy benefits relates to the insurer's contractual obligations under each of the insurance policies in force as of the balance sheet date. The aggregate liability normally comprises the summation of a series of amounts determined using complex actuarial calculations and underlying assumptions for each group of life insurance policies in force as of the balance sheet date. The guidance in this section remains applicable until an entity adopts the new guidance in ASU 2018-12. For more information on accounting for traditional long-duration life insurance contracts under the ASU, see IG 5.2.