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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
^
50% - Moderately

Loss Adjustment Expenses


Synonyms:adjustment expenses, claim adjustment expenses, insurance claim adjustment expenses
Acronyms &
abbreviations:
LAE
Filed Under: insurance
Tags: claims
 

Definition of loss adjustment expenses (LAE)

loss adjustment expenses (LAE)
1. Any expenses accrued while in the process of investigating and settling insurance claims.

Related Terms and Acronyms:

  • claims adjuster   An individual who ascertains the insurer's liability after an insurance claim has been made.
  • fake claim   An insurance claim made fraudulently.
  • insurance claim   An application for benefits made by an insurance policyholder after an insured event.
  • insurance proceeds   The benefits received by an individual after a claim has been verified.
  • loss ratio   A method of comparing an insurer's losses to premiums earned in a specific period of time.
  • loss reserve   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   The total net losses of an entity in a year.
  • unallocated loss adjustment expense (ULAE)
  • underwriting income   The income earned by an insurer from underwriting in a certain amount of time.
  • unfair claims practice   The act of an insurance company avoiding or reducing valid insurance claims.

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