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Generally accepted accounting principlesThe set of accounting principles used by most firms outside the life insurance industry and sometimes used by life and health insurance companies. GAAP is based on the going-concern concept of asset valuation.Copyright © 2001-2005 Free Online Insurance Quotes. All Rights Reserved. | Insurance Quotes Auto Insurance Boat Insurance Burial Insurance Business Insurance Dental Insurance Disability Insurance Health Insurance Homeowners Insurance Long Term Care Motorcycle Insurance Renters Insurance Survivorship Life Term Life Insurance Travel Insurance Universal Life Insurance Variable Life Insurance Whole Life Insurance | |||||