Losses Paid

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Losses Paid

In insurance, legitimate claims that an insurer has paid to a policyholder.
References in periodicals archive ?
Saving the business from just one big hit adds as much value as having a covered loss paid as a claim.
That happened in a 1968 Kansas Supreme Court subrogation case in which American Family Mutual Insurance Company sought to recover from a 13-year-old boy a portion of a fire loss paid to a church.
As state-run banks lead restructuring, taxpayers came to shoulder a bigger burden, while those responsible for the loss paid no price.
In case, however, if the Policy is cancelled by the Insureds when a Loss has already taken place, then the Premium to be retained by the Insurers shall be the Pro-rata Proportion of the Premium since the Date of Loss till Expiry of the Policy-period, which would be based on the amount of any Loss paid to the Insureds or on the basis of the Provisional-premium which-ever would be the greater.
It is certainly wise to contact the local district attorney or law enforcement agency to alert them of the loss paid by the insurance carrier, thereby placing the judicial system on notice for potential recovery.
For states without a no pay, no play law in effect, IRC says it developed a mathematical model to estimate the compensation for noneconomic loss paid to uninsured third-party liability claimants in a given year.
Across all of the 39 states studied using 2007 data, the average noneconomic loss paid to uninsured claimants per state was $17.5 million.
This amplification is exacerbated by the fact that, while the Cat Fund pays a flat 5 percent of reimbursable losses as LAE (that is, 5 percent of the loss paid by the Cat Fund), actual LAE accumulates on all losses, including those retained by the insurer.
* Transurance is a new insurance product that pays out a percentage of the loss paid by a referenced primary insurance policy, providing money that insureds can use as they please.
In practical terms, the effect of this statutory provision is that an insurance company can exercise its right of subrogation even where the amount of the loss paid for by the insurance company is less than the amount of the loss assumed by the insured through its deductible.
This statistic, the claim recovery ratio, was developed by the authors and is calculated by the following formula: Claim Recovery Ratio = Recoveries by Line of Business/[(Loss Paid by Line of Business + Recoveries) - (Losses Ceded)!
This dissenting opinion clearly highlights the dilemma that occurs when the cause of a loss, not the specific covered loss paid for by a particular insurance policy, is also the cause for changing economic conditions after the loss.