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
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Cost of doing business, not including pure expectation of loss. ...
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Synopsis of the key financial figures concerning the pension plan that is contained in the form 5500 that must be filed annually with the Internal Revenue Service. This report must be given ...
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