What is the Definition of Loss Reserves?

What is the Definition of Loss Reserves?

The company’s best estimate of what it will pay for claims, which is periodically readjusted. They represent a liability on the insurer’s balance sheet.

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 Reserves?

What is the Definition of Loss Reserves?

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


Meaning of Commercial General Liability Insurance/Cgl in Insurance Terms

A broad commercial policy that covers all liability exposures of a business that are not specifically excluded. Coverage includes product liability, completed operations, premises and operations, and independent contractors.


Meaning of Commercial Lines in Insurance Terms

Products designed for and bought by businesses. Among the major coverages are boiler and machinery, business income, commercial auto, comprehensive general liability, directors and officers liability, fire and allied lines, inland marine, medical malpractice liability, product liability, professional liability, surety and fidelity, and workers compensation. Most of these commercial coverages can be purchased separately except business income, which must be added to a fire insurance (property) policy. (See Commercial multiple peril policy)


Meaning of Commercial Multiple Peril Policy in Insurance Terms

Package policy that includes property, boiler and machinery, crime and general liability coverages.


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