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Thanks for Valuable contribution by the experts with practical vision
AGREE WITH MR VEKITARAMAN & MR GEORGI ANSWERS
Insurance is a contract whereby one party agrees for a consideration called premium toindemnify the other against a possible loss or to pay a stated sum of money on the happening of aparticular event. This agreement or contract when put in writing is known as policy. The personwhose risk is covered is called insured or assured and the company or corporation which insuresis known as insurer, assurer or underwriter. The consideration in return for which the insureragrees to make good the loss is known as premium.
Agree with the explanations by Mr. Georgei Assei.
The contract is an insurance contract because it conveys the risk of a significant insurance to re-insurance company, and where there are no claims on the contract provides international standard for financial reporting (4) insurance contracts, mainly that the policyholder provided a loan re-insurance company will reimburse at a premium if the current policies of the re-insurance company stating that the recognition of a particular obligation under then contract allows retail but they are not mandatory but if you did not have a re-insurance company such policies, then the required international standard for financial reporting No.04) Insurance contracts for reinsurance company split the contract and if The contract was indivisible be for each batch provided by the policyholder components down payment on the loan and the boost to the insurance coverage will use IAS39 financial Instruments recognition and Measurement to evaluate the component exchange offices of the loan will be measured initially at fair value and the fair value of the component exchange offices is calculated by deducting the payment of future loan in the tenth year with the annual progress way if the policyholder claim a certain point they are indivisible this claim itself to claim the amount (s) and the loan in the amount of $ (r) dollar they pay back in installments over the life of the document.
Adopt the international standard for financial reporting (4) insurance contracts so-called approach building on the principles of disclosure and should be disclosed information which helps the user to understand the amounts in the financial statements for the insurance company, which Tnchae for insurance contracts.
Must provide the insurance companies are also more details about the risks incurred, including any concentration of risk and the impact of market variables on the key assumptions used.
