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DIVISION 2. OTHER TAXES 6001-61050›PART 7. INSURANCE TAXATION 12001-13170›CHAPTER 2. Ocean Marine Insurance 12071-12107›ARTICLE 1. Definitions 12071-12078

§ 12075

California Revenue and Taxation Code · 2020-11 edition · updated 2026-10-04 · California

“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.

(Added by Stats. 1941, Ch. 113.)

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California Revenue and Taxation Code

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