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.

​ Was this Helpful? YES  NO 4 people found this helpful.

After the hurricane my insurance company's bottom line dropped significantly because we had a significant number of incurred claims that homeowners sought.

​ Was this Helpful? YES  NO 11 people found this helpful.

Show more usage examples...

Browse Definitions by Letter: # A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
incurable obsolescence incurred cost