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(iii) Recorded date - the date on which the loss is first
recorded in the insurer's statistical information.

(iv) Accounting date - the date used to define the group
of claims to be included in the liability estimate. A
loss reserve is an estimate of the liability for unpaid
claims as of a given date, called the accounting date.
An accounting date is generally the date for which
a financial statement is prepared, e.g, month end,
quarter end, year end etc.

(v) Valuation date - the date as of which the evaluation
of the loss liability is made. It defines the point in
time through which all transactions are to be included
for the group of claims. It can be same , before or
after the accounting date.

e) Required loss reserve - the required loss reserve as
of a given accounting date is the amount that must be
ultimately paid to settle all claim liabilities.

The value of the required loss reserve can only be known
when all claims have been finally settled. Thus, the
required loss reserve, as of a given accounting date, is a

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