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I- I. Ia Ib Ic Id If Ig Il Im In Ip Ir Is It

Incurred loss

(1) in relation to the totality of an insurer’s general insurance business, or a given class of such business, the claims paid in a given year less the claims reserve at the beginning of the year plus the claims reserve at the end of the year; (2) in relation to a cohort of claims originating in a given policy year or accident year the amounts paid to date on settled or partly settled claims plus the reserve for open claims (that is, excluding the BNR element).
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(01 The losses paid or payable for claims covered by a policy or group of policies attributable to a specific coverage period provided by the policy or policies (02) Paid losses adjusted for changes in the loss reserve for a calendar or financial year period.

Incurred Loss (also known as Loss Incurred)

For a specific reinsurance period (typically annual) incurred loss is calculated as paid losses during the period, plus outstanding loss at the end of the period, minus outstanding losses at the beginning of the period irrespective of when the loss actually occurred or when the original policy attached. Example: For the period 1/1/XX – 12/31XX, if outstanding losses at 1/1 are 15, paid losses during the year are 20, and outstanding losses at 12/31 are 12, then Incurred loss for the period 1/1/XX – 12/31/XX = 17 (32-15)

Incurred loss ratio

UK: Incurred losses stated as a percentage of earned premiums.
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The percentage of losses incurred to premium earned.
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UK: the ratio of losses incurred to premiums earned, expressed as a percentage.
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The ratio of losses sustained as compared to money earned from premiums.

Incurred losses

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.

indefinite delivery/indefinite quantity (ID/IQ)

Type of contract that provides for an indefinite quantity of supplies or services during a fixed period of time. Under the Federal Acquisition Regulations (FAR) in 16.501(a), when a government program manager is unsure of the exact quantity of products or services needed to fulfill his or her agency’s needs, or the exact time at which these products or services will be necessary, an Indefinite Delivery/Indefinite Quantity (ID/IQ) contract provides the solution. Supplies or services are acquired through the issuance of individual delivery orders or individual task orders (i.e., Job Order Contracts). An ID/IQ contract is ideal for many government contracting officers because the tasks can be aligned in accordance with the agency’s available funding. Also known as job order contracting (JOC) to public entities.

Indemnification

(1) In policies written on an indemnification basis, the insurer reimburses the insured for claims and claim costs already paid by the insured. Technically, the insured must not only suffer a loss but must also pay the loss before being indemnified by the insurer. (2) The agreement of one party to assume financial responsibility for the liability of another party. Hold harmless agreements are typically used to impose this transfer of risk.
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MEDICAL,USA: 1. Act of compensating for loss or damage sustained. 2. Compensation.
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Compensation to the victim of a loss, in whole or in part, by payment, repair or replacement.
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US: Compensation to the victim of a loss, in whole or in part, by payment, repair, or replacement.