General guidelines and detailed procedures of customary accounting practice that are established and interpreted by the Financial Accounting Standards Board (FASB). FASB was formed in 1973. These accounting principles are used by business firms outside of the insurance industry, as well as by health and life insurance companies.
****
These principles have substantial authoritative support for use in the insurance business. They are intended to produce financial results consistent with those of other industries and to assure consistency in financial reporting.

Prescription drugs that have the same active ingredient formula as a brand name drug. Generic drugs usually cost less than brand name drugs and are rated by the Food and Drug Administration (FDA) to be as safe and effective as brand name drugs. Also called generic equivalent .

Act of replacing a prescription brand drug for another drug that has the same active ingredient formula.

A state program for genetically disabled children.