Calendar Year Accounting Incurred Losses
Losses paid plus positive or negative changes in the year-end loss reserves during that particular year. The total amount includes payments for any old claims as well as new claims, plus any reevaluation of claim amounts already on the books at the beginning of the year, as well as required reserves for the new claims.
Popular Insurance Terms
Policy that pays a specified sum not related in any way to the extent of the loss. The term applies to a life insurance policy rather than to a contract of indemnity because the former does ...
Health maintenance organization that provides medical services to the HMO members through an exclusive contract with specific physicians and hospitals. These selected physicians and ...
In group insurance, adjustment of premiums, because of reduced expenses due to economy of scale. Group Me premiums are subject to negotiation and modification because of administrative ...
Amount of the insurance company's liabilities for claims that have not been settled. If this reserve increases significantly in relation to the company's surplus, the risk is greater for ...
Maximum amount of coverage available under a liability insurance policy. ...
Actuarial method of calculating benefits and their costs for all the employees as a group rather than for each individual employee. The costs of the benefits are measured in the form of a ...
Coverage that provides a death benefit to the owner of a policy in the event of the death of insured livestock. ...
Investments restricted to short-term Treasury bills (T-bills) and repurchase agreements secured by Treasury bills. These T-bills are secured by the full faith and credit of the Unites ...
Bonds issued by the United States Treasury that earn a fixed interest rate plus the rate of inflation. These bonds are sold at face value in denominations of $50 up to $5000 and may earn ...
Have a question or comment?
We're here to help.