What is the Definition of Loss Costs?

What is the Definition of Loss Costs?

The portion of an insurance rate used to cover claims and the costs of adjusting claims. Insurance companies typically determine their rates by estimating their future loss costs and adding a provision for expenses, profit and contingencies.

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 Loss Costs?

What is the Definition of Loss Costs?

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


Meaning of Completed Operations Coverage in Insurance Terms

Pays for bodily injury or property damage caused by a completed project or job. Protects a business that sells a service against liability claims.


Meaning of Comprehensive  Coverage in Insurance Terms

Portion of an auto insurance policy that covers damage to the policyholder’s car not involving a collision with another car (including damage from fire, explosions, earthquakes, floods and riots), and theft.


Meaning of Compulsory Auto Insurance in Insurance Terms

The minimum amount of auto liability insurance that meets a state law. Financial responsibility laws in every state require all automobile drivers to show proof, after an accident, of their ability to pay damages up to the state minimum. In compulsory liability states this proof, which is usually in the form of an insurance policy, is required before you can legally drive a car.


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