Incurred losses definition

Incurred losses means for Kentucky Access the excess of claims paid over

Incurred losses means the sum of:

Incurred losses means total claims paid during the experience period, adjusted for the change in claim reserve.

Examples of Incurred losses in a sentence

• Incurred losses are reduced by estimated amounts recoverable under the Fund’s reinsurance policies.

• Incurred losses have increased in recent policy years as a result of the current real estate market/financial crisis.

• Incurred losses on prior policy years are the result of prior policy year claims that were reported in the current year, as well as increases and decreases made to original estimates that result from additional information as it becomes known regarding the individual claims.

• Incurred losses on prior years are a result of re-estimation of unpaid claims and claim adjustment expenses and prior year policy claims reported in the current year.

• Incurred losses on prior policy years are the result of prior policy years claims that were reported in the current year, as well as increases and decreases made to original estimates that result from additional information as it becomes known regarding the individual claims.

More Definitions of Incurred losses

Incurred losses means the sum of all:

Incurred losses means the sum of paid losses (indemnity and loss adjustment expenses) and reserves for unpaid losses.

Incurred losses means compensation payments and medical payments paid to date as well as open case reserves. The total incurred losses will not include surplus costs and will be limited on a per claim basis.

Incurred losses means for Kentucky Access the excess of claims paid over premiums received;

Incurred losses means total claims paid during the experience period, adjusted for the change in claim reserve. (Department of Insurance; 760 IAC 1-5.1-2; filed Sep 9, 2002, 3:00 p.m.: 26 IR 20, eff Jan 1, 2003; readopted filed Nov 24, 2009, 9:35 a.m.: 20091223-IR-760090791RFA)

Incurred losses means losses that are (1) paid losses, and (2) losses that are incurred but not yet reported to the insurance claimants.

Incurred losses means total claims and claim adjustment expenses paid during the experience period plus any change in claim and claim adjustment expense reserves.