i. In accordance with IFRS 4, an insurance contract is a risk, other than financial risk which is transferred from the holder of a contract to the issuer.
ii. Commission ceded is the commission received from other insurance or reinsurance company for acting as their agents and generating business for them. This commission is usually a percentage of reinsurance premium paid.
iii. Surrender value is the amount payable to a policy holder on cancellation of the policy before the-date of maturity that is when the policy holder surrenders all future benefits accruing from the Insurance Company.
iv. Endowment policy is a life assurance policy that matures after a specified period of time of death whichever is earlier.
Wilfykil answered the question on February 11, 2019 at 08:55
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