ultimate loss
The total sum the insured, its insurer(s), and or reinsurer(s) pay for a
fully developed loss (i.e., paid losses plus outstanding reported losses and
incurred but not reported losses). It may not be possible to know the exact
value of ultimate losses for a long time after the end of a policy period. Actuaries
are employed to assist with these projections for purposes of financial modeling
and/or year-end reserve determinations.