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A loss run is a document that records the history of claims made against a commercial insurance policy. It is analogous to a credit report. A loss run report will include information including the date of the claim, the amount paid, and a description of the event. Generally, a loss run will record 5 years of history. [1]
Amerisafe's (AMSF) niche in providing workers' compensation insurance in high-hazard risk industries, coupled with balance sheet strength and appropriate enterprise risk management aids growth.
Loss reserving is the calculation of the required reserves for a tranche of insurance business, [1] including outstanding claims reserves.. Typically, the claims reserves represent the money which should be held by the insurer so as to be able to meet all future claims arising from policies currently in force and policies written in the past.
The collapse of claims management company the Accident Group in 2003 increased disquiet with the system. Such companies used aggressive sales techniques and exaggerated claims, profiting from exorbitant commissions on after the event insurance policies. It was estimated that there were about 1,000 such companies in the UK in 2003. [2]
For insurance, the loss ratio is the ratio of total losses incurred (paid and reserved) in claims plus adjustment expenses divided by the total premiums earned. [1] For example, if an insurance company pays $60 in claims for every $100 in collected premiums, then its loss ratio is 60% with a profit ratio/gross margin of 40% or $40.
Insurance companies themselves, as well as self-insuring employers, purchase stop-loss coverage for a premium to protect themselves. [1] In the case of a participant reaching more than the specific (or "individual") stop-loss deductible ($300,000, for example), the insurer will reimburse the insured (the company, not the participant) for the remainder of the claim to be paid over that ...
For the victim of a hit-and-run, their insurance premium may increase if they file a claim. For a driver who hits another vehicle and flees the scene, there will likely be a substantial increase ...
The loss control consultant will typically work for an insurance company, a private consultant firm or as an independent consultant. The LCC will survey businesses for property or casualty (general liability, automobile, workers compensation) exposures, identifying exposures to loss and how a business can control these loss exposures.
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related to: amerisafe loss runs for insurance claims processing resume examples word