What term refers to paid claims plus amounts held in reserve for claims that have been incurred but not yet paid?

The term that refers to paid claims plus amounts held in reserve for claims that have been incurred but not yet paid is "Incurred Claims." This term encompasses not only the claims that have been settled and paid out but also the reserves that an insurance company maintains for claims that have already occurred but have yet to be fully processed and paid.

Incurred claims provide a clear picture of the financial obligations of an insurer regarding claims that have arisen from insured events, ensuring that the company maintains sufficient funds to cover these liabilities. This definition is critical in assessing an insurer's performance and risk management.

Other terms, while relevant to claims and reserves, focus on specific aspects or stages of claim management and do not capture the complete picture of both paid and reserved amounts like "Incurred Claims" does. For example, "Outstanding Claims" refers solely to claims that have been submitted but not yet settled, whereas "Loss Reserves" typically emphasizes the future payouts that might happen based on estimations of incurred claims. "Claims Reserve" often refers to the portion set aside specifically for claims that are being processed but does not inherently include the already paid claims, making "Incurred Claims" the most comprehensive answer.