Losses Incurred

Definition

  • The sum of net paid losses and the changes in loss reserves in a given year. Also known as "Pure Losses."

Synonyms
insurance losses incurred, pure losses, claims losses incurred

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.
  • Incurred But Not Reported (IBNR) Acronym,
    • An estimate of how much an insurance company owes to policyholders for losses that have already occurred but have not yet been reported.
  • Insurance Claim Definition,
    • An application for benefits made by an insurance policyholder after an insured event.
  • Loss Definition,
    • When expenses are larger than revenues.
  • Loss Adjustment Expenses (LAE) Acronym,
    • Expenses incurred by loss adjusters when they investigate and settle claims.
  • Loss Ratio Definition,
    • A method of comparing an insurer's losses to premiums earned in a specific period of time.
  • 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.
  • Loss Settlement Amount Definition,
    • The percentage of damages an insurer is contractually obligated to pay for after a claim.
  • Underwriting Income Definition,
    • The income earned by an insurer from underwriting in a certain amount of time.
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