Across
- 3. determines the level of granularity at which onerous insurance contracts are identified and how the insurance revenue is recognized in financial statements.
- 5. the process of separating the non- insurance component from the insurance contract.
- 7. The best estimate liability is commonly used to refer to the discounted present value of the unbiased, probability-weighted estimate of future cash flows as defined in the standard for the general measurement model applied to a group of insurance contracts
- 9. includes all those contracts subject to similar risks and managed together as a single pool
- 10. also known as Building Block Approach (BBA), is the general accounting approach for the measurement of insurance contracts under IFRS 17
Down
- 1. The period during which the entity provides coverage for insured events. This period includes the coverage that relates to all premiums within the boundary of the insurance contract
- 2. The compensation an entity requires for bearing the uncertainty about the amount and timing of the cash flows that arises from non-financial risk as the entity fulfils insurance contracts
- 4. A simplification of the Generalized Measurement Model permitted if the coverage period of contracts in a group is one year or less
- 6. a modification to the General Measurement Model for insurance contracts with direct participation features where the contractual service margin is adjusted to reflect the variable nature of the fees under those contracts
- 8. Cash flows are within the boundary if they arise from substantive rights and obligations that exist during the period in which the entity can compel the policyholder to pay premiums or the entity has a substantive obligation to provide the policyholder with coverage