DAC

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DAC

Abbreviation for:
Disabilities Advisory Council
disabled adult child
Disaster Assistance Center
Dispensing Alliance Contractors (Medspeak-UK)
drug affinity complex
dry-air challenge
References in periodicals archive ?
* Unamortized deferred acquisition costs and the present value of future profits (1) continue to be subject to premium deficiency testing in accordance with the provisions of FASB Statement No.
(4a) Unamortized deferred acquisition costs, (5a) unearned revenue liabilities, and deferred sales inducement assets associated with the replaced contract should continue to be deferred and amortized or earned in connection with the replacement contract.
120, Accounting and Reporting by Mutual Life Insurance Enterprises and by Insurance Enterprises for Certain Long-Duration Participating Contracts, the estimated gross profits of the replacement contract are treated as revisions to the estimated gross profits or margins of the replaced contract in the determination of the amortization of deferred acquisition costs and deferred sales inducement assets and the recognition of unearned revenues.
If it is not reasonably practicable for an insurance enterprise to account for, in the manner described in paragraph 17 of this SOP, a contract exchange that has resulted in a replacement contract that is substantially unchanged from the replaced contract, the insurance enterprise should determine the balance of unamortized deferred acquisition costs related to the replaced contract to carry forward to the replacement contract and utilize estimated gross profits only of the replacement contract to determine future amortization.
In conjunction with the guidance in paragraph 18 of this SOP, the balance of unamortized deferred acquisition costs and other contract-related balances should be updated based on the most current assumptions at the time of the internal replacement.
* Increasing the tax on deferred acquisition costs, which would amount to about 10% of whole life premiums, an increase from 7.7%.