The 12-month period over which a group's deductibles, maximums and other provisions apply. This may or may not be the same as a calendar year. Also known as the benefit year. Most Delta groups now calculate benefits on a calendar year basis.
Traditionally, and typically, a period of twelve consecutive months beginning on the first day of October and ending on the thirty-first day of September. The October-September year allows buyers to avoid the risk of supply disruption that would be follow from a supply contract expiring in the middle of winter in the northern hemisphere. Nevertheless, "contract year" in some new LNG contracts has also been specified as running from the first day of January until the thirty first day of December.