Claims Reserve (Insurance & Financial Protection) - Definition, Examples, Advice | Bolder Money

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Definition

The funds set aside by an insurer to pay future claims. A healthy reserve shows that the company is prepared for unexpected events.

What to consider

Be prepared for thorough document review.
Ensure all records are up-to-date.
Use audit feedback to improve processes.

Real world scenarios

An external auditor reviewed an insurer’s records during an insurance audit.
A company underwent an internal insurance audit to ensure policy compliance.
A regulator conducted an audit to verify the insurer’s claim processes.

Related terms

Insurance & Financial Protection

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