An insurance company term for losses that have occurred but have not yet been reported to the company. It is a factor in insurance company accounting that permits the company to take such losses into account for actuarial purposes
Association of Marine Underwriters of San Francisco (AMUSF), Glossary of Marine Insurance and Shipping Terms, http://www.amusf.com/Definitions_A.htm, CA, USA 2011. (Mrtm Insur and Shipping - Amer) {575}