Define 'Insurance Contract' according to IFRS17
I broke the lines up a little differently.
The first letters of each line go C-S-C-S which is easy to remember.
The ending part of each line always references someone (either 1st party/insurer or 2nd party/policyholder
a...
Contract under which 1 party (the issuer) 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
Comments
I've linked to your post from the wiki. Thx!