IBNR Clause Samples
The IBNR (Incurred But Not Reported) clause defines how an insurer accounts for claims that have occurred during the policy period but have not yet been reported. In practice, this clause ensures that the insurer sets aside reserves for potential future claims that may arise from incidents that happened before the policy expired but were not immediately known or filed. By including IBNR provisions, the clause helps ensure that all liabilities are properly recognized and funded, thereby protecting both the insurer and the insured from unexpected financial exposure due to delayed claim reporting.
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IBNR. Incurred But Not Reported claims refers to claims with dates of service within the effective dates of this Agreement but which have not been invoiced or recorded in the AHCCCS claims system.
IBNR. Stockholder shall retain all liability with respect to any claims by Applicable Employees for benefits under the Benefit Plans, including, without limitation, under Stockholder’s medical plan, arising out of or relating to periods prior to the Closing.
IBNR. Amounts due to or from the Company to the Reinsurer will be settled within 30 days.
IBNR. To the extent that any Seller incurs any Liabilities in excess of $350,000 following the Closing Date in respect of any claims under a group health or flexible spending plan of Sellers that were incurred but not yet reported or paid as of the Closing Date (such excess Liabilities, “Eligible IBNR Claims”), Buyer will pay to the Company the amounts necessary to satisfy all Eligible IBNR Claims payable prior to the end of the first anniversary of the Closing Date, up to an aggregate amount of $150,000.
IBNR. The Borrower shall account for IBNR (I.E., incurred but not reported) managed care claims and calculate the same consistent with a paid-loss methodology reviewed and approved on a quarterly basis by an independent public accountant or such other consultant selected by the Borrower and approved by the Required Lenders, and the Borrower shall cause such accountant or consultant to prepare and distribute to the Borrower and the Lenders, at the Borrower's expense, a summary of its review and findings no later than 60 days after the end of each fiscal quarter of the Borrower.
IBNR. Health Plan shall deduct an estimated amount for incurred but not reported claims (IBNR) as calculated by Health Plan.