Definition: The insurance "5-year loss run" refers to a particular type of risk or loss that occurs within a given period, which is often calculated using historical data of past losses by insurance companies. This term generally indicates that the amount of money paid back to the policyholder in case of an occurrence is calculated over 5 years (or any specified number of years) after the event that triggered the loss. The specific meaning and definition of "insurance 5-year loss run" can vary significantly depending on the insurance company, industry, and geographic region. It often refers to the process by which a policyholder receives a lump sum payment in lieu of paying the entire claim amount if the policy is canceled due to an accident or illness. Understanding this term requires knowledge of insurance policies and their terms and conditions, as well as the specific history and factors that might influence how the loss run is calculated.
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