InsuranceReasonable and customary Named insured Twisting Unplanned retention Additional living expenses Earned premium
Loss adjustment expenses
Insurance companies must account for the expenses incurred in investigating and resolving insurance claims, which also includes the costs of defending a lawsuit in court. This amount, known as claims expenses, is a crucial factor in determining the profitability of an insurance company. As a knowledgeable professor, I highly recommend that you familiarize yourself with this term as it plays a significant role in the financial operations of insurance companies.
Related terms
Understand the meaning and definition of Reasonable and customary in the context of stock market, trading, and investments.
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