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📅 '''Policy anniversary''' is the annual recurring date that marks each completed year since an [[Definition:Insurance policy | insurance policy]] was originally issued or became effective. While the concept exists across all lines of business, it carries particular operational weight in [[Definition:Life insurance | life insurance]] and long-duration contracts, where it serves as the reference point for scheduled events such as [[Definition:Policy charges | policy charge]] deductions, [[Definition:Cash value | cash value]] recalculations, premium adjustments, and benefit updates tied to the [[Definition:Policyholder | policyholder's]] attained age.

🔄 On each policy anniversary, insurers typically perform a series of administrative and actuarial processes. In life and [[Definition:Annuity | annuity]] products, the anniversary often triggers a re-evaluation of [[Definition:Cost of insurance (COI) | cost-of-insurance]] charges, updates to [[Definition:Surrender value | surrender value]] schedules, and crediting of interest or bonuses — particularly in [[Definition:Participating policy | participating]] and [[Definition:Universal life insurance | universal life]] contracts. In property and casualty lines, the anniversary may coincide with the [[Definition:Policy renewal | renewal]] date, prompting the [[Definition:Insurance carrier | carrier]] to reassess the risk, apply updated [[Definition:Insurance rating | rating]] factors, and issue revised terms. For accounting purposes, the anniversary date also plays a role in determining the timing of [[Definition:Deferred acquisition cost (DAC) | DAC]] amortization and, under [[Definition:IFRS 17 | IFRS 17]], in the measurement of insurance contract liabilities at each reporting period.

🎯 Beyond its mechanical functions, the policy anniversary represents a natural engagement touchpoint between the insurer and the policyholder. Many carriers and [[Definition:Insurance broker | brokers]] use the anniversary as an opportunity to conduct policy reviews, recommend coverage adjustments, cross-sell additional products, or ensure that [[Definition:Sum insured | sums insured]] remain adequate in light of inflation or changed circumstances. Missing this window — or failing to process anniversary-triggered events accurately — can lead to [[Definition:Policyholder | policyholder]] dissatisfaction, lapsed coverage, or regulatory issues, particularly in markets like Japan and the UK where customer duty and suitability obligations require proactive communication.

'''Related concepts:'''
{{Div col|colwidth=20em}}
* [[Definition:Policy renewal]]
* [[Definition:Policy duration]]
* [[Definition:Cost of insurance (COI)]]
* [[Definition:Cash value]]
* [[Definition:Policy administration]]
* [[Definition:Attained age]]
{{Div col end}}

Definition:Policy anniversary - Revision history

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