Ultimate Net Loss
- The total amount that an insurance company is obligated to pay the insured after a valid claim is filed.
Related Terms and Acronyms
- Insurance (insur) — Abbreviation,
- An arrangement where one party provides financial protection to another party for specific damages or losses.
- Insurance Claim — Definition,
- An application for benefits made by an insurance policyholder after an insured event.
- Insured Value — Definition,
- What an insurer will pay to replace an insured asset.
- Loss Payee — Definition,
- An entity that is legally entitled to the benefits of an insurance claim.
- Loss Settlement Amount — Definition,
- The percentage of damages an insurer is contractually obligated to pay for after a claim.
- Valuation Clause — Definition,
- A clause in an insurance contract that states how much an insurer is willing to pay for an asset after an insured event.