What is the primary purpose of a loss run report in personal insurance?

The primary purpose of a loss run report in personal insurance is to detail an insured's claims history. This report provides a comprehensive overview of the claims that an insured has filed during a specific period, typically including information such as the dates of the claims, the nature of the losses, the amounts paid, and any outstanding claims. It is an essential tool for both insurers and agents when evaluating the risk associated with insuring a particular individual. By reviewing the claims history, underwriters can make informed decisions regarding policy renewals, coverage amounts, and premiums, as a history of frequent or severe claims may indicate a higher risk profile.

Other options do not accurately capture the primary function of a loss run report. While the report might indirectly relate to the premiums charged or summarize aspects like policy limits, its core purpose is focused strictly on claims history, which informs risk assessment and management in the underwriting process.