- loss reserve
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In the context of insurance, an amount set aside to provide for outstanding claims, both reported and not reported.
Practical Law Dictionary. Glossary of UK, US and international legal terms. www.practicallaw.com. 2010.
loss reserve
Look at other dictionaries:
loss reserve — noun : an insurance company s reserve representing the discounted value of future payments to be made on losses which have already occurred … Useful english dictionary
reserve — re·serve 1 vt re·served, re·serv·ing: to keep back or set apart: as a: to keep (a right, power, or interest) esp. by express declaration all rights reserved compare waive b: to defer a determination of (a question of law) … Law dictionary
loss — is a generic and relative term. It signifies the act of losing or the thing lost; it is not a word of limited, hard and fast meaning and has been held synonymous with, or equivalent to, damage , damages , deprivation , detriment , injury , and… … Black's law dictionary
loss — is a generic and relative term. It signifies the act of losing or the thing lost; it is not a word of limited, hard and fast meaning and has been held synonymous with, or equivalent to, damage , damages , deprivation , detriment , injury , and… … Black's law dictionary
Loss reserving — or Claims reserving refers to the calculation of the required reserve for a tranche of general insurance business. Typically, the claims reserves represent the money which should be held by the insurer so as to be able to meet all future claims… … Wikipedia
reserve — Verb: To appropriate to a particular purpose. To exclude. To set aside. To set apart from that which has been granted. To make a reservation. Meigs v M Clung s Lessee (US) 9 Cranch 11, 17, 3 L Ed 639, 641. Noun: An organization of the Armed… … Ballentine's law dictionary
loss claims reserve — See loss and loss expense reserve; reserve … Ballentine's law dictionary
reserve for loss claims — See loss and loss expense reserve; reserve … Ballentine's law dictionary
loss and loss expense reserve — Terminology of insurers; the estimated amount payable for losses reported but not yet settled, plus a reserve for losses incurred but not yet recorded, including the estimated expenses of adjustment … Ballentine's law dictionary
reserve accounting — The transfer of items directly to reserves, rather than through the profit and loss account. In certain instances this may be permitted, for example in making prior period adjustments … Accounting dictionary
