policy year

policy year
A term relating to the basis upon which certain loss statistics are compiled. It relates to the calendar year or accounting year in which the commencement date of the insurance policy falls, and may include policies of varying lengths. The term is also used to denote the period between the anniversary dates of a policy.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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  • policy year — noun 1. : a period comprising the 12 months extending usually from noon of a given date to noon of the same date one year thereafter 2. : a period of 24 months within which all the one year policies written during the first 12 months thereof will …   Useful english dictionary

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  • first policy year — In insurance, the year beginning with the first issuance of the insurance policy. This phrase in a statute eliminating suicide of insured after such year as defense, means year for which policy, annually renewed, was first issued …   Black's law dictionary

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