Claims Reserve

Amounts set aside to meet costs of claims incurred but not yet finally settled. An example might be a Workers Compensation case where benefits are payable for several years. At any given point in time, the reserve would be the funds kept based on the estimate of what the claim will cost when finally settled

See Also: Controlled Business; Common Policy Declarations; Common Law Liability; Commission; Class (or Classification); Certificate of Insurance; Certificate of Convenience; Captive Insurer; Cancelable;

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