Therefore, at the beginning of the period the temporary accounts have a balance of zero and the revenues and expenses accumulated are for that particular period.
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The net premium is defined as the portion of the gross premium required to provide for all benefits and expenses.
Products that typically will be classified as investment contracts include certain settlement annuities, supplementary contracts without life contingencies, individual and group deferred annuity products that do not incorporate significant mortality risk during their accumulation phase, and guaranteed investment contracts.