A reinsurance treaty may provide that if claims payable by the reinsurer exceed the reserve held by the original insurer for the payment of claims the reinsurer shall make an immediate payment, or advance, without waiting for the claims to appear in the periodic statements.
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UK: A payment made under a reinsurance contract or treaty whereby an advance payment is made in respect of outstanding claims that will come into account in a subsequent periodic settlement when the actual claim amount has been determined.
Insurance Encyclopedia
Outstanding Claims Portfolio
An amount payable by a cedent to a reinsurer in consideration of the reinsurer accepting liability arising under a contract of reinsurance in respect of reinsurance claims incurred and arising prior to a fixed date.
Outstanding claims reserve
An amount reserved based on the estimated amount needed to meet incurred claims that have not yet been finally settled.
Outstanding Claims Reserves (OCR)
Funds put aside by Insurers to cover claims that have been incurred but not yet paid. It can be interpreted in at least two different ways so care is needed. For example, (01) To include only claims that have been reported; in this case the provision may be called the Reserve for Notified (or Reported) Outstanding Claims. (02) To include all claims not yet settled, i.e., including IBNR, IBNER, re-opened claims and future claim expenses.
Outstanding Loss Reserve (OLR, O/S)
For an individual claim, an estimate of the amount the insurer expects to pay for the reported claim, prior to the final settlement of the claim. For total claims , estimates of expected payments for all reported and unreported claims. May include amounts for loss adjustment expenses. See Incurred But Not Reported (IBNR), Incurred Losses and Loss Development.
Outstanding losses
Claims paid or expected to be paid by the Reinsured, but which have not yet been included in the Reinsurer’s account.
Outstanding losses or claims
The total of losses or claims that have been notified but at a given time are still outstanding and as such are only estimated amounts.
Outstanding premiums
Premiums that are currently due but have not yet been paid.
Outstandings
in Lloyd’s, claims which have been notified to an insurer syndicate by the end of the year, but not yet paid; in general insurance the provision for claims outstanding includes both claims notified but not yet settled, and IBNR. Outstanding claims portfolio
Outwards Reinsurance
Reinsurance ceded by an insurer, as opposed to inwards reinsurance accepted.
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UK: Reinsurance of Lloyd’s syndicates.
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The reinsurance of a syndicate or of an insurance company as distinct from inwards reinsurance.