Provide the definition of an insurance contract under International Financial Reporting Standards (IFRS) 4?

Insurance

Are you having trouble answering the question “Provide the definition of an insurance contract under International Financial Reporting Standards (IFRS) 4?”? You don’t have to worry about it anymore. Azanswer team is here with the correct answer to your question.

Provide the definition of an insurance contract under International Financial Reporting Standards (IFRS) 4?

Answer: A contract under which one party (the insurer) accepts significant insurance risk from another party (the policyholder) by agreeing to compensate the policyholder if a specified uncertain future event (the insured event) adversely affects the policyholder.

You should now have gotten the answer to your question “Provide the definition of an insurance contract under International Financial Reporting Standards (IFRS) 4?”, which was part of Insurance MCQs & Answers. Thanks for choosing us.