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charge the costs to claims as Allocated Loss
Adjustment Expenses. Loss in broader sense also
refers to loss of assets from pure risk. Loss is also
used when expenses exceed incomes.
(d) Time periods - An accident period in which an
occurrence occurs, regardless of when any policies
covering it are written, when the occurrence is
reported. A policy period is the period is the period
during which an occurrence occurs for policies
written during a specified time, regardless of when
the associated claims are reported, or are closed
and losses are paid. A policy period is the period
during which an occurrence occurs for policies
written during a specified time, regardless of the
occurrence date or when the associated losses are
paid. Not all policies are written to cover accidents
occurring during the policy period.
Two other options are ' claims made' and 'claims
paid'. Claims made policies cover occurrences first
reported during the policy period, regardless of the
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