UK: 1. The period between inception or renewal date and expiry of an annual policy. 2. A term used for certain loss statistics, it relates to the calendar year or accounting year in which the commencement date of the policy falls and may include policies issued for varying periods of time.
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Period between a Policy’s anniversary dates.
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The 12-month period between the policy’s anniversary dates.
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REINSURANCE: The year commending with the effective date of the reinsurance policy or with an anniversary of that date.
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MEDICAL,USA: Twelve-month period between an insurance policy’s anniversaries.
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Unique to the insurance business, this is a means of cost accumulation in which the aggregate transactions of all policies becoming effective in a given year determine the financial performance of those policies.