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 have matured and the losses have become known
used in certain types of insurance accounting

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Cite this Entry

“Policy year.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/policy%20year. Accessed 23 Jun. 2024.

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