word
incurred but not reported
in-KERD but NOT rih-POR-ted
ɪnˈkɜːrd bʌt nɒt rɪˈpɔːrtɪdListen
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Syllable breakdown
incurredbutnotreported
Dictionary meaning
claims that have already been incurred by the policyholder but have not yet been reported to the insurance company; IBNR is one of the largest and most uncertain liabilities on an insurer's balance sheet and requires careful actuarial estimation
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