Definitions for "Incurred Claims"
Keywords:  claim, plus, reserve, lag, paid
A figure used by insurers to take into account a reserve they hold for claims which have been incurred but have not yet been reported to the insurer. In the event of termination of the plan, claims incurred during the term of the policy would still be paid even if submitted after the fact.
All claims with dates of service within a specified period.
A term that refers to the actual carrier liability for a specified period and includes all claims with dates of services within a specified period, usually called the experience period. Due to the time lag between dates of services and the dates claims payments are actually processed, adjustment must be made to any paid claims data to determine incurred claims.