outstanding claims advance - significado y definición. Qué es outstanding claims advance
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Qué (quién) es outstanding claims advance - definición

CALCULATION OF THE REQUIRED RESERVES FOR A TRANCHE OF GENERAL INSURANCE BUSINESS
Loss Reserving; Outstanding claims reserves; Loss reserve

HMAS Advance (P 83)         
  • Stern view of ''Advance''
  • Ship's badge
1968 ATTACK-CLASS PATROL BOAT
HMAS Advance
HMAS Advance (P 83) was an of the Royal Australian Navy (RAN). Constructed during 1967 and commissioned into the RAN in 1968, Advance operated from Darwin and patrolled northern Australian waters.
small claims court         
COURTS WITH LIMITED JURISDICTION TO HEAR CIVIL CASES BETWEEN PRIVATE LITIGANTS
Small-claims court; Small claims; Conciliation court; Small Claims Tribunal; Small claims track; Small Claims Court; Small claim; Small Claims; Small-claims; Court of conscience (debts); Court of conscience (debt); Small-claims courts; Small-claim; Small claims courts
¦ noun a local court in which claims for small sums of money can be heard and decided quickly and cheaply, without legal representation.
Small claims court         
COURTS WITH LIMITED JURISDICTION TO HEAR CIVIL CASES BETWEEN PRIVATE LITIGANTS
Small-claims court; Small claims; Conciliation court; Small Claims Tribunal; Small claims track; Small Claims Court; Small claim; Small Claims; Small-claims; Court of conscience (debts); Court of conscience (debt); Small-claims courts; Small-claim; Small claims courts
Small-claims courts have limited jurisdiction to hear civil cases between private litigants. Courts authorized to try small claims may also have other judicial functions, and go by different names in different jurisdictions.

Wikipedia

Loss reserving

Loss reserving refers to the calculation of the required reserves for a tranche of general insurance business. It includes 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.

Methods of calculating reserves in general insurance are different from those used in life insurance, pensions and health insurance since general insurance contracts are typically of a much shorter duration. Most general insurance contracts are written for a period of one year, and typically there is only one payment of premium at the start of the contract in exchange for coverage over the year. Reserves are calculated differently from contracts of a longer duration with multiple premium payments since there are no future premiums to consider in this case. The reserves are calculated by forecasting future losses from past losses.