Liverpool Victoria Friendly Society (2008)
Notes to the accounts [extract]
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Note 1 |
Accounting policies [extract] |
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b. |
Product classification [extract] |
Insurance contracts are those contracts that transfer significant insurance risk. Such contracts may also transfer financial risk. As a general guideline, the Group defines as significant insurance risk the possibility of having to pay benefits on the occurrence of an insured event that are at least 10% more than the benefits payable if the insured event did not occur.