Funds put aside by Insurers to cover claims that have been incurred but not yet paid. It can be interpreted in at least two different ways so care is needed. For example, (01) To include only claims that have been reported; in this case the provision may be called the Reserve for Notified (or Reported) Outstanding Claims. (02) To include all claims not yet settled, i.e., including IBNR, IBNER, re-opened claims and future claim expenses.