(i) Reserve representing an Insurer’[s estimate of amounts payable for insured losses which have already occurred (including) losses which have occurred but not yet been reported to the Insurer). Loss reserves may be established through estimates for individual cases, as well as through various averaging and formula methods. (ii) Similar reserve established by an organization retaining its own losses.Reserve for Incurred But Not Reported Losses (or Claims) : Loss reserves established by an Insurer because it knows from past experience that, although it has not yet been informed of them, some events have already occurred that will give rise to insured losses or claims.Unearned Premium Reserve : Reserve, for the total of the unearned premiums on policies an Insurer has in force, representing the Insurer’s obligation to return unearned premiums on request, and enabling the Insurer to purchase portfolio Reinsurance, if needed.Res Ipsa Loquitur : Literally translated this expression means “facts speak for themselves.” Under this doctrine, an individual is presumed to be negligent if the circumstances of injury are under his complete and exclusive control and it can be shown that the injury or damage could only have occurred if the individual were negligent.