Explore the concept of incurred losses in general insurance, which refers to losses sustained during a specific period. Understand its significance, whether paid or not.
Understand the concept of Quick Assets in general insurance. Learn how these assets can be swiftly and effortlessly converted into cash to meet immediate financial needs.
Learn about unreported claims in general insurance, a vital reserve used to pay claims that have occurred but remain unreported. Discover how insurers estimate this critical reserve.
Learn about loss adjustment expense in general insurance terms. Understand the costs associated with adjusting a claim, excluding the actual amount of the loss.
Learn about reserves in general insurance terms, including how insurers use these funds to cover debts and specific purposes.
Learn about loss severity in general insurance, which refers to the amount of a loss in financial terms. Understand how it impacts insurance claims and overall risk management.
Learn about losses outstanding in general insurance, which refers to the claims that have not yet been settled by an insurer, as detailed in a summary statement.
Discover what loss reserve means in general insurance. Learn about the insurer's estimated total liability for pending claims, incurred but not reported losses, and more.
