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 business means all life insurance contract and life investment contract business conducted by a life insurer …

life insurance contract means an insurance contract, or a financial instrument with a discretionary participation feature, regulated under the Life Insurance Act, and similar contracts issued by entities operating outside Australia (Private health …

life insurance liability means a life insurer’s net contractual obligations under a life insurance contract …

life insurer means an entity registered under the Life Insurance Act 1995, that issues life insurance contracts or life investment contracts, and similar entities operating outside …

life investment contract means a contract which is regulated under the Life Insurance Act 1995 but which does not meet the definition of a life insurance contract in this Standard, and similar contracts issued by entities operating outside …

life investment contract liability means a life insurer’s net contractual obligations under a life investment contract which arise under the financial instrument component of a life investment …

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 …

non-investment-linked business means life insurance business other than investment-linked business …

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