Search Definitions

liability adequacy test means an assessment of whether the carrying amount of an insurance liability needs to be increased (or the carrying amount of the related deferred acquisition costs or related intangible assets decreased) based on a review of …

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 …

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 …

net claims incurred means direct claims costs net of reinsurance and other recoveries, and indirect claims handling costs, determined on a discounted …

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 …