What is a "loss run report"?

A "loss run report" is indeed a report that provides a detailed history of claims associated with a particular insured individual or entity. This document is crucial for underwriters and insurance providers as it includes information about claims that have been made, their outcomes, and any financial impacts. It allows insurers to assess the risk associated with an insured and make informed decisions about policy renewals, premiums, or eligibility for coverage.

Having access to a loss run report helps insurers understand the past claims behavior of a client, which can be indicative of future risk. This historical data is beneficial for both the insured and the insurer in planning and managing potential future claims. Therefore, the identification of option B as the correct definition showcases the vital role that loss run reports play in the insurance industry and claims management process.