Losses that have been sustained during a specific time period. These losses may or may not be paid during this time period.
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The aggregate of the paid and outstanding claims of an insurer or reinsurer for a year of account or some other given period of time. These losses represent known losses to an insurer or reinsurer and, subject to issues of proof of liability and the determination of the final amount payable in the case of outstanding claims, are relatively certain.
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The value of claim payments plus reserves.