Search Definitions

An impairment loss is the amount by which the carrying amount of an asset or a cash-generating unit exceeds its recoverable amount. …

The recoverable amount of an asset or a cash-generating unit is the higher of its fair value less costs of disposal and its value in …

Useful life is either: (a)             the period of time over which an asset is expected to be used by the entity; or (b)           the number of production or similar units expected to be obtained from the asset by the …

Value in use is the present value of the future cash flows expected to be derived from an asset or cash-generating unit. …

In this Standard: …

attachment date means, for a direct insurer, the date as from which the insurer accepts risk from the insured under an insurance contract or endorsement or, for a reinsurer, the date from which the reinsurer accepts risk from the direct insurer or another …

cedant means the policyholder under a reinsurance contract …

claim means a demand by any party external to the entity for payment by the insurer on account of an alleged loss resulting from an insured event or events, that have occurred, alleged to be covered by an insurance …

claims expense means the charge to the statement of comprehensive income for the reporting period and represents the sum of claims settled and claims management expenses relating to claims incurred in the period and the movement in the gross outstanding …

claims incurred means claims that have occurred prior to the end of the reporting period, whether reported or unreported at the end of the reporting …