What is the Definition of Tort?

What is the Definition of Tort?

A legal term denoting a wrongful act resulting in injury or damage on which a civil court action, or legal proceeding, may be based.

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

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What is the Definition of Tort?

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What is the meaning of Loss Ratio

the percentage of incurred losses to earned premiums.

What is the meaning of Loss Reserve

the amount that insurers set aside to cover claims incurred but not yet paid.

What is the meaning of Loss Reserves

an estimate of liability or provision in an insurer's financial statement, indicating the amount the insurer expects to pay for losses incurred but not yet reported or reported claims that haven't been paid.

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