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WorksheetsDay 3 (Opening) - IFRS 17 Training
Total questions: 10
Worksheet time: 5mins
Key differences between reinsurance held and insurance under IFRS 17:
___ shall include allowance for the risk of non-performance (incl. effects of collateral and losses from disputes).
Estimated cash flows
Risk adjustment
Onerous contract requirements
Investment Component for Reinsurance Contracts: Amount that a contract requires ___ to repay to ___ even if an insured event does not occur.
Entity, cedant
Cedant, entity
___ has the same component under GMM and PAA method
LFRC
LFIC
The PAA method is likely to be the preferred method for ___.
General and Health Insurance Contracts
Life and Health Insurance Contracts
Profit sharing is included in the ___ component of the PAA calculation.
Premium received
Insurance revenue
Investment
The PAA uses premiums ____ as opposed to premiums ___.
Received, written
Written, received
___ need to be measured under VFA.
Insurance contract with DPF
Health insurance contract
Life insurance contract
Under VFA measurement changes financial risk will be ___.
Recognised in P&L or OCI immediately
Released overtime
Under fee income approach, what cash flow should be considered?
Total cash flow
Entity's share
Policyholder's share
IFRS 17 requires separation of the non-insurance components from the insurance contract if the component is ___ and account for then under relevant IFRS standards.
Distinct
Non-distinct
