Question

what is the difference between lost incurred and total loss ?​

Answer 1

Losses incurred refers to benefits paid to policyholders during the current year, plus changes to loss reserves from the previous year. Losses incurred represents profit that an insurer will not earn from its underwriting activities since funds are to be paid to policyholders for claims

total loss or write-off is a situation where the lost value, repair cost or salvage cost of a damaged property exceeds its insured value.[1][2]

Such a loss may be an "actual total loss" or a "constructive total loss". Constructive total loss considers further incidental expenses beyond repair, such as force majeure.