REINSURANCE: (01) The loss record of an insured or of a class of coverage. (02) Classified statistics of events connected with insurance, of outgo or of income, actual or estimated. (03) What figures show to have happened in the past. Experience may be compiled on different bases to provide various means of appraisal, viz., Accident Year Calendar Year or Policy Year but for underwriting purposes should always compare earned premium with incurred losses after the latter have been modified by an allowance for loss development and incurred but not reported losses (IBNR).
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A record of losses.
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MEDICAL,USA: Classified statistical loss record of an insured, class of coverage, or usage of health plan benefits by subscribers or members. It is usually documented as a percentage or ratio (e.g., relationship of premium to claims for benefits).
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The record of loss belonging to an agent, insured, or another category. This term can also mean a statistic made up of the ratio of losses to premiums.