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Insurance contracts are generally classified as either short-duration or long-duration. The distinction is based on the period of time of the insurance protection and the flexibility each party has in changing the terms of the contract. The classification, as well as other characteristics, has a significant effect on the accounting for a contract.

PwC. All rights reserved. PwC refers to the US member firm or one of its subsidiaries or affiliates, and may sometimes refer to the PwC network. Each member firm is a separate legal entity. Please see www.pwc.com/structure for further details. This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors.

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