Contractual service margin
The unearned profit component of the insurance contract liability presented in the balance sheet and recognised in the income statement as a company provides services under insurance contracts
An agreement under which a customer (the policyholder) transfers significant insurance risk to an insurer
Risk, other than financial risk, transferred from the policyholder to the insurer (for example, risk of death)
A party that has a right to compensation under an insurance contract if an insured event occurs
Risk adjustment for non-financial risk
The compensation an insurer requires for bearing the insurance risk
This list of key terms is for educational purposes only. Defined IFRS 17 terms are included in Appendix A of the Standard.