Reserve

{
  "id": "MLC-T-INS-002906",
  "term": "Reserve",
  "field": "Insurance and risk management",
  "definition": "An amount set aside by an insurer from its premiums to meet future obligations on existing policies. These funds are held to cover anticipated claims, unearned premiums, and other liabilities. Actuaries calculate reserves based on statistical data and regulatory requirements, such as those set by state insurance departments.",
  "url": "https://mlchart.com/terminology/insurance/reserve/"
}