policies which provide benefits to help replace an insured person’s income stopped by an illness or accident.

This represents the total reserves for unpaid losses and loss adjustment expenses, including reserves for any incurred but not reported losses, and supplemental reserves established by the company. It is the total for all lines of business and all accidental years.

Legal liability losses may be classified by any of several characteristics. One possible classification is in terms of the entities to which liability may indebted: Customers, members off the general public, employees, governmental bodies to which an organization may own fines and possibly others. Another way of classifying liability losses is by the source off the legal duty whose breach has brought legal liability upon the organization: liability for breach of a contract (through intention non-performance or violation of a warranty, for example), tort or criminal liability. Finally, liability losses may be classified according to whether the amounts the firm must pay, or the revenue of which it is deprived, arise from payment off damages or fines to an entity whose legal rights have been violated, payment of legal defence costs, or expenses incurred or revenues lost because of the need to modify or cease a profitable activity.
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That liability which courts recognize and enforce as between parties litigant.

A term that, when used in reinsurance agreements, refers to damages awarded by a court against an insurer in favor of the insured, due to the insurer’s having failed to settle a third party claim against the insured within the policy limits by reason of bad faith, fraud, or gross negligence. See Extra contractual obligations and Punitive damages.

A measure of the insurer’s losses in a specific time frame. This includes paid and unpaid losses.

Net paid losses during the current year plus the change in loss reserves since the prior year end.

whether paid or unpaid, sustained by an Insurance Company under a Policy or policies.