The terms, in plain words.

The period over which the insurer stands ready to pay claims; coverage units are allocated across it

A unit of insurance coverage provided in a period, reflecting quantity of benefits and expected coverage duration

Contractual service margin: unearned profit, released as cover is provided

Fulfilment cash flows: present value of cash flows plus risk adjustment

Claims incurred but not yet reported: insured events that have occurred but that the insurer has not been notified of

Liability for incurred claims: the obligation for insured events that have already occurred, fulfilment cash flows for past events with no CSM

Component of the reinsurance asset for remaining coverage that tracks recovery income booked against underlying losses

Liability for remaining coverage: the obligation to provide cover for future insured events, fulfilment cash flows for future service plus the CSM

Risk that the reinsurer fails to pay, included in estimates, changes go to profit or loss never the CSM

Risk adjustment for non-financial risk

Cost that would not have been incurred had the contract not been obtained

Exposure at default, the gross amount owed at default date

Expected credit loss, the allowance recognised on the balance sheet

Irrevocable designation at FVTPL at initial recognition to eliminate or significantly reduce an accounting mismatch

Fair value through other comprehensive income, the category for SPPI-passing assets held to collect and sell

Fair value through profit or loss, the residual category and the destination of every SPPI failure

Loss given default, expressed as a fraction of EAD

Solely payments of principal and interest, the contractual cash flow test for amortised cost or FVOCI eligibility

Own funds that qualify under Tier 1, 2 or 3 rules

Solvency capital requirement from standard formula or internal model