Incurred Losses

The losses occurring within a fixed period, whether or not adjusted or paid during the same period. As an example, in Workers Compensation claims losses occur during a given policy period, but benefits may continue to be paid for many years. The estimated value of the total claim would be an "incurred loss" for the policy period during which the loss occurred

See Also: Individual policy; Indemnity Plan; Insurer; Insurance Department; Insurance; Insurable Risk; Industrial Risk Insurers;

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