### Question
How is the "underwriting income" defined?


### Answer
The term **underwriting income** is defined in *26 U.S.C. § 832* as follows -

> the premiums earned on insurance contracts during the taxable year less losses incurred and expenses incurred

#### Citation:
  - *26 U.S.C. § 832*
  - Heading: **Subtitle A-Income Taxes > CHAPTER 1-NORMAL TAXES AND SURTAXES > Subchapter L-Insurance Companies > PART II-OTHER INSURANCE COMPANIES**

