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A long-duration insurance contract is one that generally is not subject to unilateral changes in its provisions and either provides insurance coverage or a return for an extended period. Long-duration insurance contracts are principally life, annuity, non-cancellable or guaranteed renewable accident and health, and disability.
This chapter focuses on the accounting for long-duration contracts that in whole or in part fall within the following classifications:
  • Non-participating traditional life insurance contracts
  • Limited payment contracts
  • Universal life-type contracts
  • Investment contracts
  • Market risk benefits
  • Derivatives and embedded derivatives in insurance and investment contracts
  • Additional liabilities for annuitization, death or other insurance benefits

Refer to IG 2.4 for the framework for determining the classification of long-duration contracts.
This chapter also addresses policyholder dividends and the concept of “shadow” adjustments. See IG 5.9 and IG 5.10 for further information, respectively.
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