Definition: Insurance loss reported means that a financial institution or company has experienced an event or occurrence that resulted in a claim for the loss of funds, assets, or other property. The report indicates that such events have occurred, including but not limited to:
Losses: This is the actual amount of money that has been lost as a result of the event.
Damages: This is an estimate of the value of any damaged property or equipment that may have been affected by the loss.
Insurance premiums: This refers to the insurance company's payment for the losses that it has covered in response to the claim.
The word 'insurance loss reported' is a formal way of stating what happened and why, which can be used to document the process of dealing with an insurance claim.
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