incurred claims
Definition
An estimate of the amount of outstanding liabilities for a policy over a given valuation period. It includes all paid claims during the period plus a reasonable estimate of unpaid liabilities. It is calculated by adding paid claims and unpaid claims minus the estimate of unpaid claims at the end of the prior valuation period.
Use incurred claims in a sentence
“ The incurred claims that Frank was liable for were much greater than he could have imagined and he was more than stunned at the news. ”
“ After the hurricane my insurance company's bottom line dropped significantly because we had a significant number of incurred claims that homeowners sought. ”
