provisions.

Definition of provisions. in English English dictionary: supply; achate; The statements in an insurance policy that explain the benefits, conditions, and other features of the insurance contract; Statements contained in an insurance policy which explain the benefits, conditions and other features of the insurance contract; Statements contained in an insurance policy which explain the benefits, conditions and other features of the insurance contract (G); Details of an insurance policy which explain the benefits, conditions and other features of the insurance contract; The terms or conditions of an insurance policy as contained in the policy clauses; third-person singular of provision; = Statements contained in an insurance policy which explain the benefits, conditions and other features of the insurance contract; plural of provision; A stipulation or qualification, especially a clause in a document or an agreement; A list of actions a policyholder must take in order to make an insurance claim Included in provisions can be additional specifications of the insurer's responsibility to the insured; Provisions are recognised when the following conditions have been met: â€¢ a present legal or constructive obligation, to transfer economic benefits as a result of past events exists; and â€¢ a reasonable estimate of the obligation can be made A present obligation is considered to exist when there is no realistic alternative but to make the transfer of economic benefits The amount recognised as a provision is the best estimate at the balance sheet date of the expenditure required to settle the obligation Only expenditure related to the purpose for which the provision is raised is charged against the provision; Statement of conditions of an insurance policy; {i} supplies; food; Words, sentences, and paragraphs in an insurance contract that specify the terms and limitations of the policy as well as the rights and obligations of the insured and the insurer; The terms of the policy outlining the circumstances under which the benefits are payable; A charge made against the assets of a company for some cost which will be incurred in the future, but has yet to be paid out This could be taxes for next year, or the future cost of cleaning up old industrial sites; a stock or supply of foods; Provisions relate to the obligations in respect of long term nuclear liabilities for reprocessing spent fuel, decommissioning power stations and managing wastes over the operating lifetimes of the stations concerned; Allowances; conditions or terms in a legal document; Provisions are recognised when the Group has a present legal or constructive obligation as a result of past events, for which it is probable that an outflow of economic benefits will occur and where a reliable estimate can be made of the amount of the obligation; Legal or formal statements setting out rights and obligations within the Residential Tenancies Act