Glossary

Looking for the right term then try the glossary:

amount of claims paid
Term Definition Legal instruments

recoverable

01/01/2016

THIS DEFINITION ONLY APPLIES TO THE FRIENDLY SOCIETY – REQUIRED MARGIN PART

means, in relation to a financial year:

(1) for the purpose of a provision for claims outstanding, amounts estimated by the firm to be recorded in the firm’s books as due in that year; or

(2) otherwise, recorded in the firm’s books as due in that year, whether or not the firm has received any payment.