The aim of this blog is to compile all Frequently Asked Questions for Insurance Claims
The total amount of paid claims and loss reserves associated with a particular period of time, usually a policy year. Incurred losses are customarily computed in accordance with the following formula: losses incurred during the period, plus outstanding losses at the end of the period, less outstanding losses at the beginning of the period.
The amount of paid claims and loss reserves within a particular period of time, usually a policy year.Coverage for a risk, class or type of insurance that is primarily excluded from a reinsurance contract but is excepted from the exclusion because the risk presents only a minimal exposure to the excluded category. The underwriter judges the extent to which the minor (excluded) aspect of a risk might over-balance the larger exposure of the unexcluded portion of the risk.Loss Assessor