losses outstanding

  • The estimated total amount yet to be paid to settle all open reported claims as of a given date. This term refers to the total amount of losses outstanding as recorded on a case basis. This figure does not include any provision for incurred but not reported losses or for any Schedule P liability. Consequently, it is important not to confuse losses outstanding with "total loss liability" or "reserve for losses" , each of which includes incurred but not reported losses and Schedule P liability.

    Internal Revenue Service 1

1Internal Revenue Service, Internal Revenue Manual 4.42.6 Glossary, http://­www.irs.gov/­irm/­part4/­irm_04-042-006.html (last accessed Dec. 22, 2009).