Additional information 352 Price risk  is a market risk, namely the risk that the value of a  financial instrument will fluctuate as a result of changes in  market prices. Master netting agreement  is an agreement providing for an  entity that undertakes a number of financial instrument  transactions with a single counterparty to make a single net  settlement of all financial instruments covered by the agreement  in the event of default on, or termination of, any contract. Private loan  is a non-derivative financial asset with a fixed  interest rate and a maturity date, which is not bought in an active  market but negotiated between the two parties involved. Private  loans are not embodied in securities. When a private loan takes  the form of a private placement of bonds or other investments  directly to an institutional investor like an insurance company, it  has more the character of a bond loan and such financial  instruments are classified as available-for-sale investments  rather than as loans and receivables. Negative amortization mortgages  are loans whereby the  payment made by the borrower may be less than the accrued  interest due and the difference is added to the loan balance.  When the accrued balance of the loan reaches the negative  amortization limit (typically 110% to 125% of the original loan  amount), the loan recalibrates to a fully amortizing level and a  new minimum payment amount is determined. Projected unit credit method  is an actuarial valuation method  that sees each period of service as giving rise to an additional  unit of benefit entitlement and measures each unit separately to  build up the final obligation. Non-controlling interests  are that portion of the profit or loss  and net assets of a subsidiary attributable to equity interests  that are not owned, directly or indirectly through subsidiaries, by  the parent. Monetary items  are units of currency held and assets and  liabilities to be received or paid in a fixed or determinable number  of units of currency. Qualifying insurance policies  are a component of plan assets.  These are insurance policies issued by an insurer that is not a  related party of the reporting entity, if the proceeds of the  policies: Monoline insurer  is an insurance company which issues types of  insurance for securities and bonds to cover the interest and  principal when an issuer defaults.  Real estate investments foreclosed  are real estate  investments purchased through foreclosure on the mortgage.  Such purchases are not accounted for as mortgages, but as real  estate investments until they can be sold at a better price than  at the foreclosure. Meanwhile they yield a rental income. Onerous contracts  are contracts in which the unavoidable costs  of meeting the obligations under the contract exceed the  economic benefits expected to be received under it. Operating expenses  are all expenses associated with selling and  administrative activities (excluding commissions) after  reallocation of claim handling expenses to benefits paid. Realizable value  is the amount of cash or cash equivalents that  could currently be obtained by selling an asset in an orderly  disposal. Past service cost  is the increase in the present value of the  defined benefit obligation for employee service in prior periods,  resulting in the current period from the introduction of, or  changes to, post-employment benefits. Recognition  is the process of incorporating in the statement of  financial position or income statement an item that meets the  definition of an element and satisfies the following criteria for  recognition: Plan assets  are assets held by a long-term employee benefit  fund and qualifying insurance policies.  Policy acquisition costs  are the expenses incurred in soliciting  and placing new business as well as renewal of existing business.  It includes agent’s commissions, underwriting expenses, medical  and credit report fees, marketing expenses and all other direct  and indirect expenses of the departments involved in such  activities.  Policyholder  is a party that has a right to compensation under  an insurance contract if an insured event occurs. Presentation currency  is the currency in which the financial  statements are presented. Reinsurance contract  is an insurance contract issued by one  insurer to compensate another insurer for losses on one or more  contracts issued by the cedant. Reinsurance assets  are a cedant’s net contractual rights under a  reinsurance contract. ■ It is probable that any future economic benefit associated  with the item will flow to or from the entity; and ■ The item has a cost or value that can be measured with  reliability. Annual Report 2013 ■ Can be used only to pay or fund employee benefits under a  defined benefit plan; and  ■ Are not available to the reporting entity’s own creditors. 