In United States v. Binday, 804 F.3d 558 (2d Cir. 2015), the district court calculated actual loss from an insurance scheme based on the commissions and death benefits paid under the stranger-owned (or originated) life insurance (STOLI) policies, reduced by the premiums received by insurers on policies where the outcome was known, i.e., the actual loss figure did not include any active policies except to consider the commission defendants received on those policies. Id. at 596. On appeal, the Second Circuit held that this method of calculating actual loss was reasonable because the actual gain or loss could be calculated only for the policies for which the results were already known, not for active policies where gains or losses were a mere possibility. Id. at 598.