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The Insurance Times
occurred.
b. Report Date - the date on which the loss is first
reported to an insurer.
c. Recorded Date - the date on which the loss is first
recorded in the insurer's statistical information.
d. 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 may be any date and is generally
a date for which a financial statement is prepared
such as a month end, quarter end or year end.
e. Valuation Date - the date as of which the
evaluation of the loss liability is made. The valuation
date defines the point in time through which all
transactions are to be included for the group of
claims. The valuation date can be before, after or
the same as the accounting date.
109. The required loss reserve as of a given accounting date
is the amount that must ultimately be paid to settle all
claim liabilities.
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