Document ID: chunk:federal_register_of_legislation:F2023C00194:body:0:p34
Version: federal_register_of_legislation:F2023C00194
Segment Type: other
Provision Reference: 
Character Range: 89469–92372

contract to the issuer
insured event means an uncertain future event covered by an insurance contract and creates insurance risk
insurer means the party that has an obligation under an insurance contract to compensate a policyholder if an insured event occurs
inwards reinsurance means reinsurance contracts written by reinsurers
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 future cash flows
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 Australia
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 cedant
net claims incurred means direct claims costs net of reinsurance and other recoveries, and indirect claims handling costs, determined on a discounted basis
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 non-insurance contract might be a type of complex financial reinsurance contract.)
outstanding claims liability means all unpaid claims and related claims handling expenses relating to claims incurred prior to the end of the reporting period
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 parties
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 cedant
reinsurer means the party that has an obligation under a reinsurance contract to compensate a cedant if an insured event occurs
separate financial statements are those presented by a parent, an investor in an associate or a venturer in a joint venture, in which the investments are accounted for on the basis of the direct equity interest rather than on the basis of the reported results and net assets of the investees
unbundle means to treat the components of a contract as if they were separate contracts
weather derivative means a contract that requires payment based on climatic, geological or other physical variables
19.2 The following terms are defined in AASB 9 or AASB 132 and are