insurance::closed-claim

Closed Claim

A claim for which all liability has been settled, denied, or withdrawn, and the reserve released.

Canonical Definition

A closed claim is a reported insurance claim for which all activity has ceased — either because full and final settlement has been paid and accepted, the claim has been denied and the denial period has expired, the claimant has withdrawn the claim, or the claim has been otherwise resolved with no further liability remaining. On closure, the outstanding reserve is released. Claims may be reopened if new information emerges within applicable limitation periods. Source: Insurance Europe Claims Management Glossary; Lloyd's Market Glossary.