Define: Claims Paid
Claims Paid means the total amount disbursed in response to incurred obligations.
Legal accuracy standard set & glossary spot-checked by Imad Mohammed Nazar , Skadden-trained M&A lawyer, Legal Engineer at GenieAI
Claims Paid means the total amount disbursed in response to incurred obligations.
Relevant Circumstances
- Where an insurance policy holder makes a claim for a loss, accident or health condition.
- In situations where a health care provider is required to provide care for a patient and is then reimbursed by an insurance company.
- In cases where an insurance company seeks reinsurance cover for risk management purposes.