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.
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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.
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IBNR. Amounts due to or from the Company to the Reinsurer will be settled within 30 days.
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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.
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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.
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IBNR. Health Plan shall deduct an estimated amount for incurred but not reported claims (IBNR) as calculated by Health Plan.
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Related to IBNR

  • Claims Administrator Pursuant to the Preliminary Approval Order, and subject to Court approval, Interim Co- Lead Counsel shall engage a qualified Claims Administrator. The Claims Administrator will assist with the settlement claims process as set forth herein. 1. The Claims Administrator shall effectuate the notice plan approved by the Court in the Preliminary Approval Order, shall administer and calculate the claims, and shall oversee distribution of the Net Settlement Fund in accordance with the Plan of Distribution. 2. The Claims Administrator also shall assist in the development of the Plan of Distribution and the resolution of any disputes regarding the Plan of Distribution.

  • Allowance for Possible Loan Losses The allowance for possible loan or credit losses (the “Allowance”) shown on the consolidated balance sheets of each Subsidiary, as applicable, included in the most recent SEC Documents dated prior to the date of this Agreement was, as of the dates thereof, adequate (within the meaning of GAAP and applicable regulatory requirements or guidelines) to provide for all known, reasonably anticipated or probable losses relating to or inherent in the loan and lease portfolios (including accrued interest receivables) of such Subsidiary and other extensions of credit (including letters of credit and commitments to make loans or extend credit) by such Subsidiary as of the date thereof; provided, however, that there can be no assurance that future losses will not exceed the Allowance, or that additional provisions for loan losses will not be required in future periods, and provided, further, that it is understood that the Company’s determination of the Allowance is subject to review by the Company’s bank regulator, which can require the establishment of additional general or specific allowances.

  • Special Hazard Loss Amount $ 0.00 --------------

  • DATA LOSS The Company does not accept responsibility for the security of Your account or content. You agree that Your use of the Website or Services is at Your own risk.

  • Group Grievance Where a number of employees have identical grievances and each employee would be entitled to grieve separately they may present a group grievance in writing signed by each employee who is grieving to the Administrator or her designate within ten (10) days after the circumstances giving rise to the grievance have occurred or ought reasonably to have come to the attention of the employee(s). The grievance shall then be treated as being initiated at Step No. 1 and the applicable provisions of this Article shall then apply with respect to the processing of such grievance.