Claims incurred means a claim for which the insurer has become obligated to make payment, on or prior to the valuation date.
Claims incurred means the aggregate of all claims paid during an accounting period adjusted by the change in claims reserved for that accounting period together with: (i) the related loss adjustment expense, and (ii) expenses of claims handling customarily recognized by the Canadian Borrower in its calculation of Claims Ratio in its quarterly reporting.
Claims incurred means claims actually paid during the year, plus any estimated reserves at the end of the year for reported claims in the process of settlement, and reserves for unreported claims, and less any estimated reserves at the end of the preceding year for reported claims in the process of settlement and for unreported claims.
Examples of Claims incurred in a sentence
Claims incurred during a fiscal year but not reported during that fiscal year shall be paid from such funds as shall be appropriated by law.
Claims incurred prior to Your Service Agreement start date are not covered.
Claims incurred consist of claims and claims handling expenses paid during the financial year together with the movement in the provision for outstanding claims.
The current period operating profit of £18 million has improved compared to the prior period (HY12: £10 million) reflecting lower outsource partner costs and other cost management activities.Ignis Asset ManagementThe operating profit of the asset management business of £19 million was in line with the comparative period (HY12: £19 million).
Claims incurred but not reported are included in payables and expenses.
More Definitions of Claims incurred
Claims incurred means claims paid in respect of the Relevant Liabilities less reinsurance recoveries received in respect of the Relevant Liabilities in the relevant Accounting Period plus any increase (or minus any decrease) over such Accounting Period in the provision for claims. For these purposes, such provision for claims shall be calculated, at the beginning and end of each Accounting Period, net of any available credit for reinsurance, not being a credit in respect of any reinsurance claim which is due but unpaid, and otherwise in accordance with the manner in which such provision for claims would be calculated for the purposes of item I.4(b) of the Statutory Format;
Claims incurred means that portion of a claim for which the insurer has become obligated to make payment, on or prior to the valu- ation date.
Claims incurred means claim payments plus Claims Reserves at the end of the period under investigation minus Claims Reserves at the beginning of the period under investigation;
Claims incurred means, except with respect to Workers’ Compensation Claims Incurred, those claims that are deemed incurred pursuant to the following: (a) with respect to medical (including continuous hospitalization), dental, vision and/or prescription drug benefits, upon the rendering of health services giving rise to such claim or expense; (b) with respect to life, accidental death and dismemberment and business travel insurance, upon the occurrence of the event giving rise to such claim or expense; (c) with respect to long-term disability and long term care benefits, upon the date of an individual’s disability, as determined by the disability benefit insurance carrier or claim administrator, giving rise to such claim or expense; and (d) with respect to any other claim, upon the date of the event giving rise to such claim.
Claims incurred means those claims that are deemed incurred pursuant to the following: (a) with respect to medical (including continuous hospitalization), dental, vision and/or prescription drug benefits, upon the rendering of health services giving rise to such claim or expense; (b) with respect to life, accidental death and dismemberment and business travel insurance, upon the occurrence of the event giving rise to such claim or expense; (c) with respect to long-term disability and long term care benefits, upon the date of an individual’s disability, as determined by the disability benefit insurance carrier or claim administrator, giving rise to such claim or expense; and (d) with respect to any other claim, upon the date of the event giving rise to such claim.
Claims incurred means claims paid plus reserves for outstanding claims which occurred during the period of insurance, it being understood and agreed that all known losses will be reported promptly to 360 when they come to the Insured's notice. The calculations will be made 180 days after the expiry of the period of insurance and any refund due to the Insured shall be paid accordingly Rate Guarantee We will guarantee to retain the current rate subject to the numbers staying constant and the Loss Ratio including IBNR being less than 50%. Scope of Cover In respect to direct travel to and from the Insured Person’s normal place of residence or place of employment to authorised activities if the Insured including playing in official matches, engaged- in official training or practice (including practice matches) or fundraising activities for the Insured, any Capital Benefit amounts payable shall be limited to 20% of the applicable benefit. Domestic Help If, as a result of a bodily injury during the insurance period, an insured person is not in receipt of a pre-disability salary and entitled to claim a benefit under Section D – Weekly Benefits – Bodily Injury, we will pay up to the weekly amount shown on the schedule for the cost of hiring domestic help and/or child-minding services reasonably and necessarily incurred. Cover only applies if:
Claims incurred means a claim for benefits made by an Acquired Employee or their respective Dependents under the applicable Employee Benefit Plan, which claim shall be considered incurred when the services (medical or dental) are rendered or supplies (medical, dental, pharmaceutical) are provided, and not when the condition to which the claim may relate first arose; provided, however, that in the event of an Acquired Employee's or Dependents' death or disability, any claim for benefits shall be deemed to be incurred as of the date of the Acquired Employee's or Dependents' death or disability, as applicable.