Search Definitions

deposit premium means the premium charged by the insurer at the inception of a contract under which the final premium depends on conditions prevailing over the contract period and so is not determined until the expiry of that …

direct insurance contract means an insurance contract that is not a reinsurance contract …

fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. (See AASB 13 …

financial risk means the risk of a possible future change in one or more of a specified interest rate, financial instrument price, commodity price, foreign exchange rate, index of prices or rates, a credit rating or credit index or other variable, …

future claims means claims in respect of insured events that are expected to occur in future reporting periods under policies where the attachment date is prior to the end of the reporting …

general insurance contract means an insurance contract that is not a life insurance contract …

general insurer means an insurer that writes general insurance contracts …

general reinsurance contract means a reinsurance contract that is not a life reinsurance contract …

insurance asset means an insurer’s net contractual rights under an insurance contract …

insurance contract means a contract under which one party (the insurer) accepts significant insurance risk from another party (the policyholder) by agreeing to compensate the policyholder if a specified uncertain future event (the insured event) adversely …