Definitions for "Loss Reserve"
Related Terms:
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An amount set aside by an insurer to cover outstanding claims – those that have been reported to the insurer, as well as those incurred but not yet reported.
An insurance company’s best current estimate of the total dollar amount that will be paid in the future for an accident that has already occurred.
an estimated amount of money that the insurance company sets aside to pay for a claim
An insurer's estimate of the amount an individual claim will ultimately cost. On an insurer's financial statement, it is the amount of estimated liabilities for known claims not yet paid and incurred but not reported claims. PureShare ActiveMetrics, a proactive metrics management application, helps monitor risk exposure based on metrics like loss reserves.
A loss reserve is a figure that represents an insurance company's best estimate of what future losses will be, it is not an actual reserve of money. An insurance company must set its rates according to its loss reserve estimate so that it will be able to pay future claims.
The amount of money an insurance carrier must "set aside" for both known and unknown future claims.
The estimated amount of unpaid insurance claims or losses that have transpired as of a given date of evaluation.
An estimate of the amount an insurer expects to pay for reported and estimated claims. May include amounts for loss adjustment expenses.
The estimated liability, as it would appear in an insurer's financial statement, for unpaid insurance claims or losses that have occurred as of a given evaluation date. Usually includes losses incurred but not reported (IBNR), losses due but not yet paid, and amounts not yet due. For individual claims, the loss reserve is the estimate of what will ultimately be paid out on that claim.
A fund set aside to pay claims outstanding at the end of a period of account.
The estimated liability for unpaid insurance claims or losses that have occurred as of a given evaluation date. Usually includes losses incurred but not reported (IBNR), losses due but not yet paid, and amount not yet due. The above describes a loss reserve as it would appear in an insurer's financial statement. As to individual claims, the loss reserve is the estimate of what will ultimately be paid out on that case. (8/68)
HARRP's best current estimate of the total dollar amount that will be paid in the future for an accident that has already occurred. Loss reserves, plus actual paid losses are included in calculating a loss ratio.
(Provisions pour sinistres) For every claim that is made against an insurance company, that company must estimate the probable ultimate cost of that claim and set the sum of money aside in a "Loss Reserve."
See LOSS RESERVE DEPOSIT
An estimated amount set aside for a particular claim that has not yet been paid.
The amount of money that an insurance carrier must, by law, have available to pay for incurred losses.
An amount set up as the estimated cost of a claim.