unearned premium reserve

transitive verb | re·serve

1. a : to keep (a right, power, or interest) especially by express declaration all rights reserved — compare waive

   b : to defer a determination of (a question of law) the justices reserved the question because it was not an issue in the case

noun

1. : something stored or kept available for future use an energy company with various unproven oil reserves

2. : an act of reserving

3. : money kept in a separate account to meet future liabilities

   — legal reserve
   : the minimum amount as determined by government standards of the deposits held by a bank or of the assets of a life insurance company required by law to be kept as reserves

   — loss reserve
   : a reserve allocated by a bank for the purpose of absorbing losses a loan loss reserve : an insurance company's reserve representing the discounted value of future payments to be made on losses which may have already occurred

   — policy reserve
   : an insurance company's reserve representing the difference in value between the net premiums and assumed claims for a given year in life insurance

   — unearned premium reserve
   : a reserve of funds which represents premiums paid to an insurance company but not yet applied to policy coverage and from which a policyholder is paid a refund in the event of cancellation prior to the period for which premiums have been paid

4. : reserve price