Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

legal reserve

Read a random definition: lien avoidance

A quick definition of legal reserve:

A legal reserve is a certain amount of money that a bank or insurance company is required by law to keep on hand to meet the demands of their customers. It is like a savings account that is set aside for emergencies or future needs. Other types of reserves include a bad-debt reserve for covering losses on unpaid bills, a loss reserve for estimated future payments, and a required reserve set by the Federal Reserve Board for banks to hold in cash and deposits.

A more thorough explanation:

A legal reserve is a minimum amount of liquid assets that a bank or an insurance company must maintain by law to meet depositors' or claimants' demands. It is a fund of money set aside to cover future liabilities.

  • Amortization reserve: An account created for bookkeeping purposes to extinguish an obligation gradually over time.
  • Bad-debt reserve: A reserve to cover losses on uncollectible accounts receivable.
  • Loss reserve: An insurance company's reserve that represents the estimated value of future payments, as for losses incurred but not yet reported.
  • Mean reserve: In insurance, the average of the beginning reserve and the ending reserve of the policy year.
  • Policy reserve: An insurance company's reserve that represents the difference between net premiums and expected claims for a given year.
  • Required reserve: The minimum amount of money, as required by the Federal Reserve Board, that a bank must hold in the form of vault cash and deposits with regional Federal Reserve Banks.

For example, a bank must maintain a legal reserve to ensure that it has enough money to meet the demands of its depositors. This reserve is set by law and is a percentage of the bank's deposits. Similarly, an insurance company must maintain a legal reserve to cover future claims from policyholders. This reserve is based on the company's estimated future liabilities and is also set by law.

legal rescission | legal residence

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
Dkk
20:32
Nah, just security there.
wait are u actuaLLY a big crypto guy
m10
20:33
Yeah, like huge into the Cardano space. One of the runner ups for the government on Cardano.
do yall think admissions judges what job you have during ur gap year
babycat
20:34
probably
m10
20:34
My constitution that I wrote is getting submitted on the 30th and if the community likes it, then I will be the first person in the world to write a constitution for on-chain blockchain based governance.
m10
20:34
Right now it's me and two other people.
babycat
20:34
you should meet the urbit guys. they have thielbux I think
damn, i was impatient to hear back from my jobs so i was just gonna work retail but idk if admissions is high brow about that
m10
20:35
@babycat: I may have already met them. I met urbit people like 3-4 years ago. It's just hard to do their stuff.
m10
20:35
Ahh any work is good work to admissions usually.
babycat
20:36
yeah I thought she meant like a year before she applied. if you already applied it doesn’t matter all that much
m10
20:36
Personally, I have only helped launch two coins but my friends want to launch a third. Bigegst project is probably disco solaris: https://www.jpg.store/collection/moebiuspioneersdressed
ohh yeah i mean right now cuz im still waiting and i dont like being unemployed but i dont know if theyd be like she works at aerie not a finance firm ew
m10
20:37
And then, the sexy naked ones hehehehe: https://www.jpg.store/collection/moebiuspioneersnakeddiscos
babycat
20:37
@m10: I don’t like that they’re all tied to pictures of people
i also think getting a job faster will help with going crazy over admissions even if its not as "fancy"
m10
20:38
All of what? That's like the only NFT project I worked on that was moderately good @babycat
@m10: thats so cool
JumpySubsequentDolphin
20:41
hi SPLITTY I think you should get a job at aerie for the discount
babycat
20:41
what if I just want to purchase the value without owning a lady with x tape on her boobies?
m10
20:42
Get the ones that are dressed up then!
@JumpySubsequentDolphin: LITERALLY I also just applied to work at garage cuz 50% EMPLOYEE DISCOUNT
m10
20:43
Or legacy collection v1
JumpySubsequentDolphin
20:43
@SplitterusClitterus: GARAGE JEANS FIT ME SO WEIRDLY WHICH SUCKS BC THEYRE SO CUTE
m10
20:43
The cool thing about V2 was it was an infinitely generating collection so they would have never sold out but they ended it early cus of the bear market.
@JumpySubsequentDolphin: NAURRR i need to try them on to see. ive never owned anything from them exceot maybe a tank in middle school?? but ive been a longtime lurker/windowshopper/fan
JumpySubsequentDolphin
20:45
SPLITTY if their jeans fit on my thighs they’re too big on my waist!!! it’s so frustrating
LSD+ is ad-free, with DMs, discounts, case briefs & more.