Definition and meaning of Loss Ratio :

Loss Ratio: The losses divided by the premiums paid. The numerator (losses) can be losses incurred or losses paid, and the denominator (premium) can be earned premiums or written premiums, depending on what use is going to be made of the loss ratio.

(Source: InsWeb)

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Definition and meaning of Loss Severity :

Loss Severity: The amount of a loss expressed in financial terms.

(Source: InsWeb)

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Definition and meaning of Loss Frequency :

Loss Frequency: The number of times a loss occurs over a specific period of time.

(Source: InsWeb)

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Definition and meaning of Loss Frequency :

Loss Frequency: The number of times a loss occurs over a specific period of time.

(Source: InsWeb)

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Definition and meaning of Loss :

Loss: Generally refers to (1) the amount of reduction in the value of an insured's property caused by an insured peril, (2) the amount sought through an insured's claim, or (3) the amount paid on behalf of an insured under an insurance contract.

(Source: InsWeb)

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Definition and meaning of Loss :

Loss: Generally refers to (1) the amount of reduction in the value of an insured's property caused by an insured peril, (2) the amount sought through an insured's claim, or (3) the amount paid on behalf of an insured under an insurance contract.

(Source: InsWeb)

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Definition and meaning of Loss Reserve :

Loss Reserve: The estimated liability for unpaid insurance claims or losses that have occurred as of a given evaluation date. Usually includes losses incurred but not reported (IBNR), losses due but not yet paid, and amount not yet due. The above describes a loss reserve as it would appear in an insurer's financial statement. As to individual claims, the loss reserve is the estimate of what will ultimately be paid out on that case.

(Source: InsWeb)

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Definition and meaning of Loss Reserve :

Loss Reserve: The estimated liability for unpaid insurance claims or losses that have occurred as of a given evaluation date. Usually includes losses incurred but not reported (IBNR), losses due but not yet paid, and amount not yet due. The above describes a loss reserve as it would appear in an insurer's financial statement. As to individual claims, the loss reserve is the estimate of what will ultimately be paid out on that case.

(Source: InsWeb)

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Definition and meaning of Stop Loss :

Stop Loss: Any provision in a policy designed to cut off an insurer's losses at a given point. In effect, a stop loss agreement guarantees the loss ratio of the insurer.

(Source: InsWeb)

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Definition and meaning of Stop Loss :

Stop Loss: Any provision in a policy designed to cut off an insurer's losses at a given point. In effect, a stop loss agreement guarantees the loss ratio of the insurer.

(Source: InsWeb)

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Definition and meaning of Notice of Loss :

Notice of Loss: Notice to an insurer that a loss has occurred. Notice of loss is a condition of most policies, and it is frequently required within a given time and in a particular manner.

(Source: InsWeb)

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Definition and meaning of Notice of Loss :

Notice of Loss: Notice to an insurer that a loss has occurred. Notice of loss is a condition of most policies, and it is frequently required within a given time and in a particular manner.

(Source: InsWeb)

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Definition and meaning of Paid Losses :

Paid Losses: The amount actually paid in losses during a specified period of time, not including estimates of amounts that will be paid in the future for losses that occurred then.

(Source: InsWeb)

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Definition and meaning of Paid Losses :

Paid Losses: The amount actually paid in losses during a specified period of time, not including estimates of amounts that will be paid in the future for losses that occurred then.

(Source: InsWeb)

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Definition and meaning of Loss Control :

Loss Control: Any combination of actions taken to reduce the frequency or severity of losses. Installing locks, burglar or fire alarms and sprinkler systems are loss control techniques.

(Source: InsWeb)

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Definition and meaning of Loss Control :

Loss Control: Any combination of actions taken to reduce the frequency or severity of losses. Installing locks, burglar or fire alarms and sprinkler systems are loss control techniques.

(Source: InsWeb)

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Definition and meaning of Loss Expectancy :

Loss Expectancy: An underwriter's estimate of the probable maximum loss to be suffered on an exposure being considered, with attention given to the expected level of loss prevention activities on the part of the insured.

(Source: InsWeb)

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Definition and meaning of Loss Expectancy :

Loss Expectancy: An underwriter's estimate of the probable maximum loss to be suffered on an exposure being considered, with attention given to the expected level of loss prevention activities on the part of the insured.

(Source: InsWeb)

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Definition and meaning of Total Loss :

Total Loss: A loss of sufficient size so that it can be said there is nothing left of value. The complete destruction of the property. The term is also used to mean a loss requiring the maximum amount a policy will pay.

(Source: InsWeb)

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Definition and meaning of Total Loss :

Total Loss: A loss of sufficient size so that it can be said there is nothing left of value. The complete destruction of the property. The term is also used to mean a loss requiring the maximum amount a policy will pay.

(Source: InsWeb)

Also see these pages: Total Loss , Insurance, Insurance Sitemap, Insurance Dictionary - T

For more dictionary entries, see » Loss Dictionary

Definition and meaning of Covered Loss :

Covered Loss: Illness, injury, death, property loss, legal liability, or any other situation or loss for which an insurance company will pay benefits under a policy when such event occurs.

(Source: InsWeb)

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For more dictionary entries, see » Loss Dictionary