Section 12075 Of Article 1. Definitions From California Revenue And Taxation Code >> Division 2. >> Part 7. >> Chapter 2. >> Article 1.
12075
. "Losses incurred" means gross losses incurred during the
current calendar year under ocean marine contracts written within the
United States, less reinsurance claims collected or collectible and
salvages or recoveries collectible from any source applicable to the
losses.