The loss record of an insured or of a class of coverage.
Classified statistics of events connected with insurance, of outgo, or of income, actual or estimated.
What figures show to have happened in the past.Experience may be compiled on different bases to provide various means of appraisal, viz. Accident Year, Calendar Year, or Policy Year, but, for underwriting purposes, should always compare earned premium with incurred losses after the latter have been modified by an allowance for loss development and incurred but not reported losses (I.B.N.R.)