Loss Control

Definition

  • The combined measures taken by insurance companies and policyholders to lower the risk, the incidence, and the extent of losses.

Synonyms
managing insurance losses, loss management, minimizing losses

Related Terms and Acronyms

  • Claims Adjuster Definition,
    • An individual who ascertains the insurer's liability after an insurance claim has been made.
  • Exposure Definition,
    • How much liability an insurer takes on when they write an insurance policy.
  • Insurance Claim Definition,
    • An application for benefits made by an insurance policyholder after an insured event.
  • Insurance Proceeds Definition,
    • The benefits received by an individual after a claim has been verified.
  • Loss Definition,
    • When expenses are larger than revenues.
  • Loss Ratio Definition,
    • A method of comparing an insurer's losses to premiums earned in a specific period of time.
  • Mortality and Expense Risk Charge Definition,
    • A charge sometimes applied to reimburse an insurer for the risks in a policy.
  • Peril Definition,
    • Anything that poses a risk of loss, which may or may not be insurable depending on the potential for risk.
  • Recognized Gain or Loss Definition,
    • The amount of gain or loss reported for income tax purposes. You may be able to defer recognizing gain or loss on certain property exchanges, such as like-kind exchanges.
  • Underwriting Income Definition,
    • The income earned by an insurer from underwriting in a certain amount of time.
  • Underwriting Risk Definition,
    • The total amount of risk an entity takes on from underwriting something.
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