MLchartDataset catalogue

Loss costs

Term · Insurance and risk management · MLC-T-INS-002066

The portion of an insurance premium that is allocated to cover expected claims payments, excluding expenses for administration, marketing, and profit. These are actuarially determined estimates of the pure cost of losses for a specific line of business or group of insureds. Insurers use loss costs as a foundational component in calculating overall premiums, adding their own expense and profit loadings.

Table 1. Record
IdentifierMLC-T-INS-002066
FieldInsurance and risk management
Record as JSON 
{
  "id": "MLC-T-INS-002066",
  "term": "Loss costs",
  "field": "Insurance and risk management",
  "definition": "The portion of an insurance premium that is allocated to cover expected claims payments, excluding expenses for administration, marketing, and profit. These are actuarially determined estimates of the pure cost of losses for a specific line of business or group of insureds. Insurers use loss costs as a foundational component in calculating overall premiums, adding their own expense and profit loadings.",
  "url": "https://mlchart.com/terminology/insurance/loss-costs/"
}

Record 2,021 of 3,748 in Insurance and risk management terminology (MLC-0106). Request the full dataset.