What is the Definition of Incurred Losses?

What is the Definition of Incurred Losses?

Losses occurring within a fixed period, whether or not adjusted or paid during the same period.

Source: Insurance Handbook A guide to insurance: what it does and how it works | https://www.iii.org/

Label: Insurance
Theme: Dictionary of Insurance Terms

Other Questions: What is the definition of Annuity?

What is the Definition of Incurred Losses?

What is the Definition of Incurred Losses?

You can find random definition and meaning of insurance terms below:

Meaning of Insurable Risk in Insurance Terms

Risks for which it is relatively easy to get insurance and that meet certain criteria. These include being definable, accidental in nature, and part of a group of similar risks large enough to make losses predictable. The insurance company also must be able to come up with a reasonable price for the insurance.

Meaning of Insurance in Insurance Terms

A system to make large financial losses more affordable by pooling the risks of many individuals and business entities and transferring them to an insurance company or other large group in return for a premium.

Meaning of Insurance Score in Insurance Terms

Insurance scores are confidential rankings based on credit information. This includes whether the consumer has made timely payments on loans, the number of open credit card accounts and whether a bankruptcy filing has been made. An insurance score is a measure of how well consumers manage their financial affairs, not of their financial assets. It does not include information about income or race. Studies have shown that people who manage their money well tend also to manage their most important asset, their home, well. And people who manage their money responsibly also tend to drive a car responsibly. Some insurance companies use insurance scores as an insurance underwriting and rating tool.

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