GLOSSARY
This Insurance Glossary of Terms is produced and maintained by the National Alliance Research Academy. 
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Incurred Losses

1) The total amount of paid claims and loss reserves associated with a particular period of time (usually a policy year). Generally, incurred losses are the actual losses paid and outstanding, interest on judgments, expenses incurred to obtain third-party recoveries, and allocated loss adjustment expenses; 2) paid claims, case reserves, and IBNR reserves until ultimate incurred claims are reached, at which time there is no remaining IBNR.

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