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IFRS 4 Definition of Insurance contract

G

Genesiss

Member
The IFRS4 Definition goes like this:

An insurance contract is 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."

I do not see any reference to a premium payment in the definition. Is this an omission or just deliberate?

My ST2, CA1 Glossary notes define insurance contract in an almost similar fashion BUT includes .."in consideration/exchange for a premium......"

Where is the disconnect?
 
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