Insurance Exam Vocabulary Terms
Incurred Losses
Sustained losses, paid or not, during a specified time period. Incurred losses are typically found by combining losses paid during the period plus unpaid losses sustained during the time period minus outstanding losses at the beginning of the period incurred in the previous period.
Other terms you may be interested in:
- Premiums Written
- Group Health Organizations – Health Maintenance (HMO)
- Admitted Assets
- National Association of Insurance Commissioners (NAIC)
- Fees Payable
- Group Annuities – Immediate Variable
- Difference In Conditions (DIC) Insurance
- Kidnap/Ransom Insurance
- Group Annuities – Deferred Non- Variable and Variable
- Catastrophe Loss
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