Home > Glossary

Legal Reserve Life Insurance Company

Legal Reserve Life Insurance Company

Definition

Legal Reserve Life Insurance Company — a life insurance company that maintains reserves at least equal to the minimum prescribed by law or regulation in the state in which it does business. These reserves are based on actuarial formulas and are designed to allow the company to meet all of its financial obligations. Conversely, an assessment life insurer is permitted to access its policyholders in the event of financial problems.

Related Products

User ID: Subscriber Status:Free