"Schedule P" reserve

{
  "id": "MLC-T-INS-003022",
  "term": "\"Schedule P\" reserve",
  "field": "Insurance and risk management",
  "definition": "A statutory reserve established by property and casualty insurers for unpaid losses and loss adjustment expenses, primarily for long-tail lines of business like liability and workers' compensation. This reserve is calculated and reported annually to state insurance departments on Schedule P of the annual statement. It reflects an insurer's best estimate of future payments for claims that have occurred but are not yet fully settled.",
  "url": "https://mlchart.com/terminology/insurance/schedule-p-reserve/"
}