(1) A life insurance reserve that is established at the end of
each life policy year. (2) The sum that, with additions from
all future premium receipts plus investment income, will pay all future
maturities under a life insurance policy. (3) The reserve at
the end of the policy year, and in the sum sufficient with the net premiums
coming due, necessary to provide mortality charges and mature the policy
according to its terms, all computed upon a table of mortality adopted and the
rate of interest assumed.