loss reserve

English - Turkish

Definition of loss reserve in English Turkish dictionary

(Sigorta) hasar rezervi

English - English

Definition of loss reserve in English English dictionary

The estimated liability for unpaid insurance claims or losses that have occurred as of any given valuation date Usually includes losses incurred but not reported, losses due but not yet paid, and amounts not yet due

A loss reserve is a figure that represents an insurance company's best estimate of what future losses will be, it is not an actual reserve of money An insurance company must set its rates according to its loss reserve estimate so that it will be able to pay future claims

The estimated liability for unpaid insurance claims or losses that have occurred as of a given evaluation date Usually includes losses incurred but not reported (IBNR), losses due but not yet paid, and amount not yet due The above describes a loss reserve as it would appear in an insurer's financial statement As to individual claims, the loss reserve is the estimate of what will ultimately be paid out on that case (G)

The amount set up as the estimated cost of an accident at the time the first notice is received

Amount set aside by property and liability insurers for claims reported and adjusted but not yet paid, claims reported and filed but not yet adjusted, and claims incurred but not yet reported to the insurer

HARRP's best current estimate of the total dollar amount that will be paid in the future for an accident that has already occurred Loss reserves, plus actual paid losses are included in calculating a loss ratio

(Provisions pour sinistres) For every claim that is made against an insurance company, that company must estimate the probable ultimate cost of that claim and set the sum of money aside in a "Loss Reserve "

Hyphenation

loss re·serve

Turkish pronunciation

lôs rizırv

Pronunciation

/ˈlôs rēˈzərv/ /ˈlɔːs riːˈzɜrv/

Etymology

[ 'los ] (noun.) 13th century. Middle English los, probably back-formation from lost, past participle of losen to lose.