WebTerm Definition Accident An event or occurrence which is unintended, unforeseen and unexpected; something which could not be considered as a foreseeable occurrence and … WebJan 1, 2001 · unpaid losses and loss adjustment expenses for property and casualty insurance contracts. This guidance ... 1 Legal defense costs incurred under the definition of covered damages or losses as the only insured peril would be accounted for as losses, while legal defense costs incurred under a duty to defend would be accounted for as Defense …
Expenses - Definition, Types, and Practical Examples
WebA type of medical plan that reimburses the patient and/or provider as expenses are incurred. Conventional indemnity plan An indemnity that allows the participant the choice of any provider without effect on … WebMar 14, 2024 · An expense is a type of expenditure that flows through the income statement and is deducted from revenue to arrive at net income. Due to the accrual principle in accounting, expenses are recognized when … high point office park
GeneralInsuranceDefinitions - Institute and Faculty of Actuaries
WebAdditional Information. In reinsurance, the primary insurance company usually pays the reinsurer its proportion of the gross premium it receives on a risk, referred to as commission. The reinsurer then allows the company a ceding or direct commission allowance on such gross premium received, large enough to reimburse the company for … WebThe incurred costs or incurred losses for a claim are the amounts that have been paid out so far plus the reserves for future, anticipated losses. Loss Adjustment Expense (LAE) The expenses associated with settling claims. LAE is divided into two components: allocated loss adjustment expenses (ALAE), and unallocated loss adjustment expenses (ULAE). Webindemnify. To indemnify is to make compensation to an entity, person, or insured for incurred injury, loss, or... indemnitee. The indemnitee is the person or organization that is held harmless in a contract (by the... indemnitor. The indemnitor is the person or organization that holds another (the indemnitee) harmless in a... indemnity contract. high point ofallon