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Simple English definitions for legal terms

mean reserve

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A quick definition of mean reserve:

A mean reserve is a term used in insurance to refer to the average of the beginning and ending reserves of a policy year. A reserve is a fund of money set aside by a bank or insurance company to cover future liabilities. For example, an insurance company may set aside a mean reserve to cover potential claims from policyholders. This helps ensure that the company has enough money to pay out claims when they arise.

A more thorough explanation:

Definition: Mean reserve is a term used in insurance to refer to the average of the beginning reserve and the ending reserve of a policy year. Reserve, on the other hand, refers to something retained or stored for future use, such as a fund of money set aside by a bank or an insurance company to cover future liabilities.

Examples:

  • 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.
  • Legal reserve: The minimum amount of liquid assets that a bank or an insurance company must maintain by law to meet depositors' or claimants' demands.
  • Loss reserve: An insurance company's reserve that represents the estimated value of future payments, as for losses incurred but not yet reported.
  • 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 instance, an insurance company may calculate the mean reserve of a policy year by adding the beginning reserve and the ending reserve and dividing the sum by two. This helps the company to estimate the amount of money it needs to set aside to cover future claims. Similarly, a bank may maintain a required reserve to ensure that it has enough cash on hand to meet the demands of its depositors.

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SEO is big money
2016 pushed the conservative party into populism irreversibly
Dkk
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Maybe, but if this is populism, then every election is populist.
19:43
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Dkk
19:43
Indeed!
19:48
wasp, i think people are hopeful for a gov who at least attempts to care about the common man
MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
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