Total dollar amount of insurance claims within a specific period of time regardless of when those claims are reimbursed.
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Incurred claims equal the claims paid during the policy year plus the claim reserves as of the end of the policy year, minus the corresponding reserves as of the beginning of the policy year. The difference between the year end and beginning of the year claim reserves is called the increase in reserves and may be added directly to the paid claims to produce the incurred claims. Typically, incurred claim values include some expenses of paying claims such as those allocated to individual claims.