Direct losses paid means the sum of all payments
Direct losses paid means the sum of all payments made during the reporting period for claimants under a preferred provider benefit plan before reinsurance has been ceded or assumed. The term does not include home office and other overhead costs, advertising costs, commissions and other acquisition costs, taxes, capital costs, administrative costs, utilization review costs, or claims processing costs.
Examples of Direct losses paid in a sentence
Decimals are allowed, no symbols such as dollar signs please.Direct Losses Paid (Deducting Salvage) Direct losses paid should include losses paid less salvage, not including reserves or unpaid claim amounts.
Direct losses paid column 4 should include all losses paid on policies written by your company whether paid directly by you or by your reinsurer on your behalf.
The term does not include home office and other overhead costs, advertising costs, commissions and other acquisition costs, taxes, capital costs, administrative costs, utilization review costs, or claims processing costs.(2) "Direct losses paid" means the sum of all payments made during the reporting period for claimants before reinsurance has been ceded or assumed.