ALAE means allocated loss adjustment expenses.
ALAE has the meaning set forth in Section 4.26(d).
ALAE. Allocated loss adjustment expense includes the (i) expenses of litigation, if any, (ii) subrogation expenses, (iii) legal expenses, (iv) costs incurred in connection with coverage and validity questions, and legal actions related thereto, that are allocable only to a specific claim or action on the Business Covered, (v) any related interest, including, but not limited to, prejudgment interest where such interest is part of the judgment or post judgment interest, and (vi) all other MSRE Loss-related expenses that pertain to a specific action on the Business Covered, but excludes (a) all of the salaries or expenses of MSRE’s directors, officers, employees, and/or Agents that are not directly related to the loss adjustment process as regards a specific claim or action with respect to the Business Covered, and (b) any overhead amounts (such as rent, postage, lighting, cleaning, heating, etc.). The resulting ALAE amounts are to be reduced by the related salvage, subrogation, and other expense recoveries.
Examples of ALAE in a sentence
ALAE are to be reported as separate records, in the same detail as indemnity losses, using the appropriate Transaction Type Code.
If the allocated loss adjustment expense (ALAE) option is elected, then incurred losses will include ALAE.
Specifically, it shall include 1) losses paid and reserved, plus 2) allocated loss adjustment expense (ALAE), and 3) this total then limited to the FUND’s retention.
Regardless of outcome, all categories of claims had expenses in the form of ALAE.
Age of Claim (Appendix C, Exhibit 4) This exhibit displays claims by age at the time of closing, and shows that typically average indemnity and average ALAE increased with the age of the claim.
More Definitions of ALAE
ALAE or “Allocated Loss Adjustment Expense” – means loss adjustment expenses that are assignable or allocable to specific claims.
ALAE means any cost or expense in connection with the administration, investigation,adjustment or defense of claims on behalf of Client.
ALAE has the meaning set forth in the definition of “Gross Profit.”
ALAE means all expenses including but not limited to court costs, attorney fees, medical cost containment expenses, outside adjuster fees, and prejudgment and postjudgment interest that are incurred by the Reinsured and are allocable to specific losses that are or would be covered under this Agreement in each case as determined in accordance with the Company's standard practice in effect as of the Effective Date of this Agreement. However, such amounts shall not include office expenses of the Reinsured, including salaries of their officials and employees, and loss adjustment expenses unallocable to claims recoverable under contracts and policies reinsured hereunder.
ALAE means legal expenses and other expenses (including interest accruing before and/or after entry of judgment) incurred by the Company in connection with the investigation, adjustment, settlement, litigation, mediation or arbitration of claims or losses. ALAE shall not include costs of "in-house counsel," claims staff or other overhead or general expenses of the Company or its agents, including the claims services provided by PCA Solutions, Inc. ("Solutions") (or any third party replacing Solutions).
ALAE means all costs and expenses allocable to a specific claim or loss covered under this Agreement that are incurred by the Company in the investigation, adjustment, appraisal, settlement, defense or appeal of such claim, including court costs and costs of supersedeas and appeal bonds, and shall include legal expenses and costs incurred by the Company in direct connection with declaratory judgment actions brought to determine the Company's defense ("Declaratory Judgment Expense") and/or indemnification obligations that are allocable to specific Covered Contracts and claims and losses covered under this Agreement. Declaratory Judgment Expense shall be deemed to have been fully incurred by the Company on the date of the actual or alleged loss under the original Covered Contract giving rise to the action. As used herein, a "supersedeas bond" shall mean a bond required of one who petitions to set aside a judgment or execution and from which the other party may be made whole if the action is unsuccessful.
ALAE means all reasonable and necessary expenses specifically allocable to a specific Covered Claim, including, without limitation, (a) all costs associated with the investigation, negotiation, settlement or defense of such claim, including, without limitation, fees paid to attorneys, experts and investigators, fees for medical examinations, witness' travel expense and court reporter fees, and (b) expenses incurred by Seller to finance or fund any letter of credit or surety bond required by insurers with respect to such specific Covered Claim.