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Foundations of Casualty Actuarial Science

The period between the loss occurrence date and the date the
loss was reported.

Reserve
A liability; an estimate of the amount an insurer expects to pay
for reported and estimated claims.

Retroactive Date
The earliest date for which coverage is afforded under a claims-
made form.

Retrospective Rating
A plan or method that provides for the adjustment of final
premium on the basis of the actual loss experience under the
insurance contract, subject to minimum and maximum limits;
the final adjusted insurance premium is usually equal to the
losses multiplied by a loss conversion factor.

Retrospective Rating
A plan under which the premium is determined after the policy
has expired based on contractual factors, chiefly the loss
experience of the insured during the policy term.

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