best-estimate assumptions definition
best-estimate assumptions means realistic assumptions which depend upon the nature of the business and which should be guided by immediate past experience, as modified by any knowledge of, or expectations regarding, the future. Where assumptions are interrelated, such as discount rates, bonus rates and expense inflation, the assumptions must be consistent;
best-estimate assumptions means assumptions about future experience which are made using professional judgement, training and experience and are neither deliberately overstated nor deliberately understated.