Legal reserve life insurance company
Term · Insurance and risk management · MLC-T-INS-001983
An insurer that issues life insurance and annuity contracts and is required by state law to maintain specific minimum reserves to meet its future obligations to policyholders. These reserves, known as legal reserves, are calculated using actuarial formulas that account for mortality, interest, and expenses. The calculation methods and minimum amounts are prescribed by the Standard Valuation Law adopted by the states.
| Identifier | MLC-T-INS-001983 |
|---|---|
| Field | Insurance and risk management |
Record as JSON
{
"id": "MLC-T-INS-001983",
"term": "Legal reserve life insurance company",
"field": "Insurance and risk management",
"definition": "An insurer that issues life insurance and annuity contracts and is required by state law to maintain specific minimum reserves to meet its future obligations to policyholders. These reserves, known as legal reserves, are calculated using actuarial formulas that account for mortality, interest, and expenses. The calculation methods and minimum amounts are prescribed by the Standard Valuation Law adopted by the states.",
"url": "https://mlchart.com/terminology/insurance/legal-reserve-life-insurance-company/"
}
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