Search Definitions

non-insurance contract means a contract regulated under the Insurance Act 1973 , and similar contracts issued by entities operating outside Australia, which fails to meet the definition of an insurance contract under this Standard (An example of a …

outstanding claims liability means all unpaid claims and related claims handling expenses relating to claims incurred prior to the end of the reporting …

policyholder means a party that has a right to compensation under an insurance contract if an insured event occurs …

premium means the amount charged in relation to accepting risk from the insured, but does not include amounts collected on behalf of third …

reinsurance assets means a cedant’s net contractual rights under a reinsurance contract …

reinsurance contract means an insurance contract issued by one insurer (the reinsurer) to compensate another insurer (the cedant) for losses on one or more contracts issued by the …

reinsurer means the party that has an obligation under a reinsurance contract to compensate a cedant if an insured event occurs …

separate financial statements are those presented by a parent, an investor in an associate or a venturer in a joint venture, in which the investments are accounted for on the basis of the direct equity interest rather than on the basis of the reported …

unbundle means to treat the components of a contract as if they were separate contracts …

weather derivative means a contract that requires payment based on climatic, geological or other physical variables …