Loss Carryforward
Definition of "Loss carryforward"
Ruling that, under current tax law, an insurance company that has incurred a net income loss in a given year may charge that loss against its taxable income in a subsequent year. This accounting adjustment may be made provided that the insurance company first offsets its net income loss in a given period against its net income gain in the three preceding years, or thus adopts a loss carry back accounting procedure.
Popular Insurance Terms
1945 federal legislation in which the Congress declared that the states may continue to regulate the insurance industry. Nevertheless, in recent years Congress has expanded the federal ...
Payment to a state or municipality by an insurance company based on premiums paid by residents. ...
Clause in a liability insurance policy under which an insurance company agrees to defend an insured even if a lawsuit is without foundation. The costs of defending the insured are covered, ...
Individuals who inherit assets as the result of being named in a will. ...
Organization of local life underwriter associations representing life and health insurance agents on practices of selling and servicing life and health insurance products. NALU sponsors ...
Insurance policy designed to provide coverage for the deductible amount and the coinsurance amount required to be paid by the medicare recipient. Some of these policies will also continue ...
Same as term Casualty Actuarial Society: accrediting body for the ACAS (Associate of the Casualty Actuarial Society) designation and the FCAS (Fellow of the Casualty Actuarial Society) ...
Same as term Exclusions: provision in an insurance policy that indicates what is denied coverage. For example, common exclusions are: hazards deemed so catastrophic in nature that they are ...
Exposures where action has been taken to reduce the frequency and severity of loss, such as adding sprinkler systems in public buildings. These actions may result in a significant reduction ...
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