Total Incurred Losses definition
Total Incurred Losses means total Loss incurred by any Seller or any Newco Insurance Company (as such terms are defined in the Distribution and License Agreement) under the Policies with respect to losses occurring on or after the date hereof (including incurred catastrophe losses but excluding LAE and changes in Loss and LAE reserves for accident periods prior to the date hereof).
Total Incurred Losses means paid losses minus the medical reimbursement amount on accepted non-disabling claims, where applicable, plus outstanding reserves. Total incurred losses must be reduced by any monies recovered through subrogation or from the WBF program. Round to the nearest dollar. Submissions should not include negative values. See Appendix 2, Report of Losses Reporting Guidelines on page seven of this bulletin.