Manag ing Information Risk: A guide for Accounting Officers, Board members and Senior Information Risk Owners

Uncertainty over the occurrence of the event may take various forms. Under some insurance contracts the insured event occurs during the period of cover specified in the contract, even if the resulting loss is discovered after the end of this period of cover. For others the insured event is the discovery of a loss during the period of cover of the contract, even if the loss arises from an event that occurred before the inception of the contract. Uncertainty over the timing of the event In whole life insurance contracts the occurrence of the insured event, within the duration of the contract, is certain but the timing is...