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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Now-defunct bureau founded by fire insurance underwriters in 1866 to work for fire prevention and loss control. The board helped standardize the fire insurance policy. In the mid-1960s, the ...
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