losses and loss expenses incurred
- A phrase common to insurers; representing the total claims and losses paid during the year for which the insurer is reporting, plus the outstanding reserves for unpaid losses and claims at the end of the year, less the reserves for outstanding losses and claims as of the end of the previous year; also including the expense of adjusting and processing all losses and claims paid during the year plus the outstanding reserves for loss and claim expense at the end of the current year, less the reserve for loss and claim expense at the end of the previous year.
Ballentine's law dictionary. Anderson, W.S.. 1998.
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