Loss And Loss Adjustment Expense Reserves
Definition of "Loss and loss adjustment expense reserves"
Amount of the insurance company's liabilities for claims that have not been settled. If this reserve increases significantly in relation to the company's surplus, the risk is greater for potential deficiencies in the reserves; that is, the reserves could prove to be inadequate to meet future claim payments.
Popular Insurance Terms
Collection of numbers to record and analyze data such as occurrences of events and particular characteristics. Statistics are absolutely vital to all elements of insurance. In life and ...
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Modified premium used to calculate cash surrender values in excess of that required by the naic: standard NON FORFEITURE LAW. ...
Statement by an auditor or certified public accountant indicating if a company's financial statements fairly present its true financial condition. A statement of opinion may be unqualified, ...
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Record of ordinary policies that a combination agent is responsible for servicing. ...
Professional designation awarded by the American College. In addition to professional business experience in financial planning, recipients are required to pass national examinations in ...
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