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Loss Summary Intro
Loss Runs Requests
| Question | Answer |
|---|---|
| What is a Loss Summary? | A concise report that outlines an insured's history of reported claims or losses over a specific period, typically the last five years. |
| Who uses Loss Summaries and why? | This document is used by underwriters, agents, and brokers to assess the risk profile of an individual or business when evaluating new or renewal policies. |
| These are essential details for a Loss Summary. | Date of each loss, Type of Claim, Current Status, Loss Ratio |
| Why Loss Summaries matter for Policyholders? | By reviewing this information, insurers can identify patterns, determine the adequacy of past coverage, and make informed decisions about pricing, coverage terms, or eligibility. |
| What is the meaning of the key item: Date of each loss? | When the incident or claim occurred. |
| What is the meaning of the key item: Type of Claim? | The category or nature of the loss (e.g., property damage, liability). |
| What is the meaning of the key item: Amount paid or reserved? | The financial amount already paid or allocated for the claim |
| What is the meaning of the key item: Current Status? | Indicates if the claim is Open or closed. |
| What is the meaning of the key item: Loss Ratio? | Tool to compare losses to premiums earned used to evaluate financial risk |
| What does the standardized spreadsheet format do? | This format categorizes claims by type of coverage and separates large losses, making it easier to interpret and present to both internal stakeholders and carriers. |
Created by:
RisingLeo