332 definitions found
AASB 1023
Definition
19.1[18]
insurance risk means risk, other than financial risk, transferred from the holder of a contract to the issuer …
AASB 1023
Definition
19.1[19]
insured event means an uncertain future event covered by an insurance contract and creates insurance risk …
AASB 1023
Definition
19.1[20]
insurer means the party that has an obligation under an insurance contract to compensate a policyholder if an insured event occurs …
AASB 1023
Definition
19.1[21]
inwards reinsurance means reinsurance contracts written by reinsurers …
AASB 1023
Definition
19.1[22]
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 …
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 …