What is the meaning of incurred?
Answers: Obtained or acquired, such as an obligation or expense. You incurred an obligation to pay when you charged your purchase on a credit card. You incurred an expense when you paid for the lunch you ate.
In Business & Finance, "incurred" means you owe (money usually), are obligated to pay, or are liable for, for something you have done - but not necessarily paid for yet. (In the double entry bookeeping sense for a business, the other side of the entry is to record an expense for the obligation you have incurred.)
For example, when you call and order a pizza for take out, you have incurred an obligation to pay, you owe money. And when you pick up the pizza, you pay the bill and have fulfilled your obligation. In business, when you cut a purchase order, you owe money and are liable for the expense. When you receive the goods, you pay and have fulfilled your obligation.
ps: in the insurance world, it means claims filed by people and owed by the insurance companies, but not yet paid by them.
If you are talking about insurance, it would be money you spent. You incurred and you spent.
Which is the best insurer in the country?
Answers: insurer in what
Personally I like MetLife - if you have a home and car, you can get a discount my having one insurance policy. My policy is based on the low mileage of both of mine and my husband's vehicles, that we have no tickets, etc. and everything for our home is insured at replacement costs.
Traveler's is also good, but a bit pricey.
Insurance is the best policy to life.
There are so many scheme in insurance.
What does the term''reinsurance ceded'' miserable contained by commerce explain it contained by detail.?
this term comes underneath chapter ''accountancy of insurance companies''.Answers: Insurance companies "cede" part of their risk to their reinsurers, which are insurance companies of insurance companies. Say you hold a $1,000,000 liability policy, your insurance company may only want to run the risk of $500,000 & they will re-insure (or insure again) the other $500,000 with another insurance company (the reinsurer) & rate them a premium (just like you pay cheque to your insurance company) to insure this.
This is one of the reasons lots insurance underwriting guidelines are so strict. The reinsurers let somebody know the insurance companies what they will & will not insure & the insurance companies have to abide by these rules or not know how to purchase reinsurance. It is one of their operating costs so it is in the accountancy sector.
I hope this explains it for you.