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
Analytical procedure to predict the failure rate of a system still in the design stage. ...
Attachment to a general liability policy thereby eliminating the exclusion of property under the care, custody, and/or control of an insured. Without this endorsement there would be no ...
Proportion of losses incurred to premiums earned. This ratio indicates the amount of a premium dollar that is being consumed by losses. ...
Transfer of property from a bailor to a bailee; for example, transferring a suit to be cleaned from the bailor (owner) to the bailee (cleaners). ...
Coinsurance requirement such that if a loss is less than $10,000 and also less than 5% of the total of insurance to cover a loss, then the insurance company will not require that the ...
Funds paid by an insurance company associated with the normal costs of doing business other than the costs of claims payments. ...
Relinquishment of rights to benefits when an employee withdraws previous contributions to a plan. An employee who had not withdrawn these contributions would have been entitled to full ...
Same as term Expiration: termination date of coverage as indicated on the insurance policy. ...
Five primary sectors of insurance coverage. Their purposes are: LIFE INSURANCE provides income to a beneficiary in the event of the death of the insured. HEALTH INSURANCE provides two types ...
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