18 Terms
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Life insurance
Industry: Insurance
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Life insurance
losses and loss-adjustment expenses
Insurance; Life insurance
This represents the total reserves for unpaid losses and loss-adjustment expenses, including reserves for any incurred but not reported losses, and supplemental reserves established by the company. ...
loss control
Insurance; Life insurance
All methods taken to reduce the frequency and/or severity of losses including exposure avoidance, loss prevention, loss reduction, segregation of exposure units and noninsurance transfer of risk. A ...
loss ratio
Insurance; Life insurance
The ratio of incurred losses and loss-adjustment expenses to net premiums earned. This ratio measures the company's underlying profitability, or loss experience, on its total book of business.
loss reserve
Insurance; Life insurance
The estimated liability, as it would appear in an insurer's financial statement, for unpaid insurance claims or losses that have occurred as of a given evaluation date. Usually includes losses ...
losses incurred (pure losses)
Insurance; Life insurance
Net paid losses during the current year plus the change in loss reserves since the prior year end.
member month
Insurance; Life insurance
Total number of health plan participants who are members for each month.
