Incurred But Not Reported
- The total amount an insurer owes to policyholders on damages and losses that have yet to be reported. Incurred but not reported is an estimate of loss and is commonly used in disaster situations where damages are expected but the insurer is still waiting for claims to be filed.
Related Terms and Acronyms
- Act of God (AOG) — Acronym,
- When used in insurance policies, an event caused by natural forces such as hail, rain, tornado, lightning, floods or earthquakes, which results in damage to property.
- Catastrophe Insurance — Definition,
- Insurance that covers losses due to catastrophe hazards such as hurricanes, earthquakes and terrorist attacks.
- Hazard Insurance — Definition,
- Insurance that covers hazards that are considered risky enough not to be covered by a standard insurance policy.
- Insurance Claim — Definition,
- An application for benefits made by an insurance policyholder after an insured event.
- Loss Reserve — Definition,
- A reserve of money and liquid assets set aside by an insurer for the payment of claims that have been submitted but have yet to be paid out.
- Losses Incurred — Definition,
- The total net losses of an entity in a year.
- Premium — Definition,
- A payment made to an insurance company for insurance coverage.
- Property Insurance — Definition,
- Insurance that provides coverage for damages to property from a number of perils.
- Total Loss (TL, Ltot) — Acronym & Abbreviation,
- When as asset is considered to be damaged beyond repair.