accident-year statistics Definition | Business Dictionaries from AllBusiness.com

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Business Definition for: accident-year statistics

accident-year statistics

record of losses and premiums received for accident coverage within a 12-month period. These statistics show the percentage of each premium received that is being paid out in claims and enables the establishment of a basic premium reflecting the pure cost of protection. The trend line generated by the record of losses is an important statistical tool for predicting future losses.

loss-year statistics
recording method

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