232 definitions found
AASB 1023
Definition
19.1[23]
life insurance contract means an insurance contract, or a financial instrument with a discretionary participation feature, regulated under the Life Insurance Act 1995 , and similar contracts issued by entities operating outside …
AASB 1023
Definition
19.1[24]
life reinsurance contract means a life insurance contract issued by one insurer (the reinsurer) to compensate another insurer (the cedant) for losses on one or more contracts issued by the …
AASB 1023
Definition
19.1[25]
net claims incurred means direct claims costs net of reinsurance and other recoveries, and indirect claims handling costs, determined on a discounted …
AASB 1023
Definition
19.1[26]
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 …
AASB 1023
Definition
19.1[27]
outstanding claims liability means all unpaid claims and related claims handling expenses relating to claims incurred prior to the end of the reporting …
AASB 1023
Definition
19.1[28]
policyholder means a party that has a right to compensation under an insurance contract if an insured event occurs …
AASB 1023
Definition
19.1[29]
premium means the amount charged in relation to accepting risk from the insured, but does not include amounts collected on behalf of third …
AASB 1023
Definition
19.1[30]
reinsurance assets means a cedant’s net contractual rights under a reinsurance contract …
AASB 1023
Definition
19.1[31]
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 …
AASB 1023
Definition
19.1[32]
reinsurer means the party that has an obligation under a reinsurance contract to compensate a cedant if an insured event occurs …