What is decreased by the amount of losses incurred and the amounts with drawn by the proprietor?
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Generally, incurred losses are the actual losses paid and outstanding, interest on judgments, expenses incurred to obtain third-party recoveries, and allocated loss adjustment expenses; 2) paid claims, case reserves, and IBNR reserves until ultimate incurred claims are reached, at which time there is no remaining IBNR.
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Withdrawal of money and/or goods by the owner from the business for personal use is known as drawings.
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