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Sample Insurance Company |
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Balance
Sheets - GAAP |
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As of March
31, 2008 and February 29, 2008 |
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March |
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February |
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2008 |
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2008 |
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ASSETS |
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Cash |
$
2,676,861 |
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$
1,855,658 |
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Money Market Funds |
1,870,549 |
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3,226,242 |
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Certificates of Deposit |
304,873 |
|
300,000 |
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Mortgage Backed Obligations |
6,123,041 |
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6,237,128 |
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Bonds |
7,088,522 |
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5,344,192 |
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Stocks |
- |
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- |
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$
18,063,846 |
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$
16,963,220 |
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Other Assets: |
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Premiums Receivable |
$
1,777,652 |
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$
1,585,680 |
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Policy Fees Receivable |
32,741 |
|
62,428 |
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Deferred Acquisition Costs |
1,929,140 |
|
1,405,611 |
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Accrued Interest Receivable |
80,697 |
|
59,334 |
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Accounts Receivable - Other |
110 |
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- |
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Reinsurance Recoverable on Paid Loss and LAE |
- |
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- |
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Due from Affiliates |
13,203 |
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4,533 |
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Prepaid Expenses |
13,622 |
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15,468 |
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Furniture & Equipment, net of Dep. |
1,941 |
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1,977 |
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EDP Equipment and Software, net of Dep. |
29,365 |
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25,163 |
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Deferred Tax Asset |
645,957 |
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508,257 |
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Total Other Assets |
$
4,524,429 |
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$
3,668,451 |
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TOTAL ASSETS |
$
22,588,274 |
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$
20,631,671 |
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LIABILITIES |
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Loss & LAE Reserves: |
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Loss Reserves |
$ 276,000 |
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$ 50,000 |
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LAE Reserves |
11,649 |
|
9,853 |
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AO Reserves |
6,800 |
|
4,100 |
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IBNR Reserves |
20,000 |
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20,000 |
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Total Loss and LAE Reserves: |
$ 314,449 |
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$ 83,953 |
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Other Liabilities: |
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Unearned Premium Reserve |
$
6,321,967 |
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$
4,801,715 |
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Commission Payable |
516,106 |
|
437,905 |
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Policy Fees Payable |
159,927 |
|
115,112 |
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Reinsurance Balances Payable |
(71,700) |
|
174,000 |
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Advance Premiums |
278,812 |
|
253,182 |
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Premium Tax Payable |
108,181 |
|
64,564 |
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Surplus Note Payable - Short-term |
- |
|
- |
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Interest Payable - Surplus Note |
- |
|
47,950 |
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Surplus Note Payable - Long-term |
7,000,000 |
|
7,000,000 |
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Accounts Payable |
47,270 |
|
11,929 |
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Accrued Expenses |
- |
|
2,000 |
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Due to Affiliates |
49,535 |
|
72,677 |
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Unclaimed Property |
- |
|
- |
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Federal Taxes Payable |
- |
|
- |
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State Taxes Payable |
- |
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- |
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Total Other Liabilities: |
$
14,410,098 |
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$
12,981,034 |
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TOTAL LIABILITIES |
$
14,724,547 |
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$
13,064,987 |
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SURPLUS |
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Common Stock |
$ 1,000 |
|
$ 1,000 |
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Contributed Surplus |
6,999,000 |
|
6,999,000 |
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Prior Year's Unassigned Surplus |
(27,219) |
|
(27,219) |
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Change in Deferred Taxes |
645,957 |
|
508,257 |
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Current Results |
244,989 |
|
85,647 |
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TOTAL SURPLUS |
$
7,863,727 |
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$
7,566,685 |
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TOTAL LIABILITIES & SURPLUS |
$
22,588,274 |
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$
20,631,671 |
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