54:16-5. Losses incurred; definition
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/nj/title-54/chapter-16/54-16-5A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
As used in this chapter "losses incurred" means gross losses incurred during the calendar year under such marine insurances written within the United States, less reinsurance claims collected or collectible and salvages or recoveries collectible from any source applicable to such losses.