Accident Year Experience,
What is The Meaning of Accident Year Experience?
Accident Year Experience definition is: The year of an accident is a period of 12 months during which the loss of the accident is recorded during that 12 month period. The year of the experiment in which the accident occurred was estimated by adding the total losses in the incidents over a period of 12 months. The other two terms related to the cost used to classify claims are calendar year and insurance year.
Meaning of Accident Year Experience: Losses for claims (reported claim policies) and LEEs are divided into premiums earned over a specified period of the calendar year. The amount of this loss is not final until all damages have been paid (when claimed) and the value of the reward has not changed.
Literal Meanings of Accident Year Experience
Meanings of Accident:
An unfortunate event that occurs unexpectedly and unintentionally and usually results in loss or injury.
Events that occur by chance or apparently or intentionally.
(In the Aristotelian view) possession of something that is not necessary for its nature.
Sentences of Accident
There was an accident in the factory
Pregnancy is an accident
The new element is existence, which Oceana sees as an accident, as it relates to things.
Synonyms of Accident
coincidence, tragedy, contretemps, problem, difficulty, unfortunate incident, misadventure, catastrophe, mischance, trouble, mishap, injury, blow, freak, disaster, chance, hazard, twist of fate, calamity, mere chance, misfortune
Meanings of Year:
The time it takes for the earth to revolve around the sun.
A period of 365 days (or 366 days in a leap year) beginning January 1, used to calculate time in normal business operations. 365 days from each date; Depending on the quality of the product, wine times are usually used to calculate the time according to other calendars.
Age or life span.
Groups of students were grouped at the same age, most of whom attended school or university in the same academic year.
Sentences of Year
Half of Americans know that it takes a year for the earth to orbit the sun.
Your salary will be charged at the same rate for one calendar year each year.
Most of the girls in my year drop out of school at the end of the semester
Synonyms of Year
length of life, stream, study group, school group, band, duration, set, form, class, number of years, lifetime
Meanings of Experience:
Practical communication and observation of facts or events.
Encounter or inconvenience (event or incident)
Sentences of Experience
He learned his lesson from painful experiences
The company is in trouble
Synonyms of Experience
be faced with, encounter, involvement in, have experience of, undergo, meet, confront, participation in, come up against, face, come into contact with, come across, be forced to contend with, run into