(3) Average amount paid per claim; based on accident year incurred losses,
excluding loss adjustment expenses, i.e., indemnity costs per accident year incurred claims.
Liability estimates for environmental and asbestos exposures include case basis reserves and also reflect reserves for legal and
other loss adjustment expenses and IBNR
Minimize claim cycle times and
reduce loss adjustment expenses with a reliable baseline record for each property.
Liability estimates for environmental and asbestos exposures include case basis reserves and also reflect reserves for legal and
other loss adjustment expenses and IBNR [DM: Incurred But Not Reported] reserves.
(3) Accident year incurred losses, excluding
loss adjustment expenses, i.e., indemnity costs per accident year incurred claims.
To illustrate, the XYZ insurance company might have last year bought a policy obligating us to pay the first $ 1 billion of losses and
loss adjustment expenses from events that happened in, say, 1995 and earlier years.
Now if you would have looked on the last 10 - K on page 296 for item 8, note 12, you would note that AIG's reserving remained weak for 2014 and 2015 as losses and
loss adjustment expenses incurred for the business of prior years continued positive.
«Losses and
loss adjustment expenses incurred in 2015 increased $ 2.7 billion (17.1 %) over 2014.
Doing more with less and allowing essential resources to focus on high - value work is crucial for insurance companies striving to control
their loss adjustment expenses.
In terms of claims in auto insurance,
the loss adjustment expense is usually incurred in the police report.
Loss and Loss Adjustment Expenses When considering losses and expenses, loss simply refers to payouts on claims, but
loss adjustment expenses refer to the cost of investigation claims.
Loss Adjustment Expense When companies are looking at ways to calculate their profitability, they will consider
the loss adjustment expense, or the cost of investigating claims.
Phrases with «loss adjustment»