Definition and meaning of Excess of loss :

A type of reinsurance that covers specified losses incurred by the reassured in excess of a stated amount (the excess) up to a higher amount, for example £5 million excess of £1 million.

 An excess of loss reinsurance is a form of non-proportional reinsurance.

(Source Lloyd's )

Also see these pages: Excess of loss , Insurance, Insurance Sitemap, Insurance Dictionary - E

For more dictionary entries, see » Loss Dictionary

Definition and meaning of NOTICE OF LOSS :

NOTICE OF LOSS: A written notice required by insurance companies immediately after an accident or other loss. Part of the standard provisions defining a policyholder's responsibilities after a loss.

(Source: Insurance Information Institute )

Also see these pages: NOTICE OF LOSS , Insurance, Insurance Sitemap, Insurance Dictionary - N

For more dictionary entries, see » Loss Dictionary

Definition and meaning of Loss event :

The event which causes a loss, for example a fire or hurricane.

(Source Lloyd's )

Also see these pages: Loss event , Insurance, Insurance Sitemap, Insurance Dictionary - L

For more dictionary entries, see » Loss Dictionary

Definition and meaning of LOSS RATIO :

LOSS RATIO: Percentage of each premium dollar an insurer spends on claims.

(Source: Insurance Information Institute )

Also see these pages: LOSS RATIO , Insurance, Insurance Sitemap, Insurance Dictionary - L

For more dictionary entries, see » Loss Dictionary

Definition and meaning of ECONOMIC LOSS :

ECONOMIC LOSS: Total financial loss resulting from the death or disability of a wage earner, or from the destruction of property. Includes the loss of earnings, medical expenses, funeral expenses, the cost of restoring or replacing property and legal expenses. It does not include noneconomic losses, such as pain caused by an injury.

(Source: Insurance Information Institute )

Also see these pages: ECONOMIC LOSS , Insurance, Insurance Sitemap, Insurance Dictionary - E

For more dictionary entries, see » Loss Dictionary

Definition and meaning of Incurred losses :

The aggregate of the paid and outstanding claims of an insurer or reinsurer for a year of account or some other given period of time. These losses represent known losses to an insurer or reinsurer and, subject to issues of proof of liability and the determination of the final amount payable in the case of outstanding claims, are relatively certain.

(Source Lloyd's )

Also see these pages: Incurred losses , Insurance, Insurance Sitemap, Insurance Dictionary - I

For more dictionary entries, see » Loss Dictionary

Definition and meaning of Loss adjuster :

A person who is appointed to investigate the circumstances of a claim under an insurance policy and to advise on the amount that is payable to the policyholder in order to settle that claim. Loss adjusters are generally appointed by underwriters but sometimes policyholders appoint their own loss adjusters to negotiate claims on their behalf.

(Source Lloyd's )

Also see these pages: Loss adjuster , Insurance, Insurance Sitemap, Insurance Dictionary - L

For more dictionary entries, see » Loss Dictionary

Definition and meaning of INCURRED LOSSES :

INCURRED LOSSES: Losses occurring within a fixed period, whether or not adjusted or paid during the same period.

(Source: Insurance Information Institute )

Also see these pages: INCURRED LOSSES , Insurance, Insurance Sitemap, Insurance Dictionary - I

For more dictionary entries, see » Loss Dictionary

Definition and meaning of LOSS COSTS :

LOSS COSTS: The portion of an insurance rate used to cover claims and the costs of adjusting claims. Insurance companies typically determine their rates by estimating their future loss costs and adding a provision for expenses, profit, and contingencies.

(Source: Insurance Information Institute )

Also see these pages: LOSS COSTS , Insurance, Insurance Sitemap, Insurance Dictionary - L

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Definition and meaning of loss mitigation :

loss mitigation: Practices and procedures that usually do not involve foreclosure carried out with delinquent borrowers with the goal of reducing loss. Examples are pre-foreclosure sales and adding missed interest payments to the principal amount of the mortgage. Loss mitigation, and, more generally, claims handling are performed by lender-servicers, the GSEs and the insurers themselves

(Source: Bank of America )

Also see these pages: loss mitigation , Insurance, Insurance Sitemap, Insurance Dictionary - L

For more dictionary entries, see » Loss Dictionary

Dream Interpretation Loss

If you dream of losing something, it is an unconscious reminder that you have missed something. To dream about losing money brings an opposite result: you will gain something in other areas of life.

Source: Dream-Land, http://www.dream-land.info

(See also: Dream Archives, Meaning of Dreams, Dream Interpretation, Dream Dictionary, Dream Dictionary - Loss, Meaning of Dreams about Loss, Dream Interpretation Loss)

Definition and meaning of loss reserve :

loss reserve: The liability recorded on the balance sheet for unpaid losses. The loss reserve consists of the case basis reserve, the reserve for claims known to the company but not yet paid; and the reserve for incurred but not reported losses (IBNR). IBNR in residential mortgage insurance is a small amount compared to IBNR in many long-tail property-casualty lines of business and consists mainly of an estimate of the aggregate dollar amount of currently delinquent mortgages which will remain delinquent or go to claim in a short period of time, causing the establishment or increase of case basis reserves for those mortgages.

(Source: Bank of America )

Also see these pages: loss reserve , Insurance, Insurance Sitemap, Insurance Dictionary - L

For more dictionary entries, see » Loss Dictionary

Definition and meaning of Total loss :

Where the subject matter of an insurance is lost, destroyed or damaged beyond repair.

(Source Lloyd's )

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

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Definition and meaning of TOTAL LOSS :

TOTAL LOSS: The condition of an automobile or other property when damage is so extensive that repair costs would exceed the value of the vehicle or property.

(Source: Insurance Information Institute )

Also see these pages: TOTAL LOSS , Insurance, Insurance Sitemap, Insurance Dictionary - T

For more dictionary entries, see » Loss Dictionary

Definition and meaning of LOSS OF USE :

LOSS OF USE: A provision in homeowners and renters insurance policies that reimburses policyholders for any extra living expenses due to having to live elsewhere while their home is being restored following a disaster.

(Source: Insurance Information Institute )

Also see these pages: LOSS OF USE , Insurance, Insurance Sitemap, Insurance Dictionary - L

For more dictionary entries, see » Loss Dictionary