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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 (IBNR) 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.

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