unearned premium reserve

unearned premium reserve
A reserve required by modern statutes of insurance companies to assure the return of unearned premiums. 29 Am J Rev ed Ins § 56. A reserve which comes into being as the natural result of collecting premiums in advance for insurance to extend over a stated period of time in the future. The estimated aggregate amount which an insurance company would be obliged to tender to its policyholders as returned premiums for the unexpired terms, should it wish to cancel every policy in force. The premium reserve, so-called, of a life insurance company, represents the insurer's debt at any given time on the policies it has issued and which are in force, and, hence, the corresponding fund which, in addition to general assets, it should have in reserve to meet such indebtedness. Anno: 13 ALR 187.

Ballentine's law dictionary. . 1998.

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