Statutory Reserve
In the business of insurance, statutory reserves are those liabilities an insurance company is legally required to maintain on its balance sheet with respect to the unmatured obligations (i.e., expected future claims) of the company.
Read more about Statutory Reserve: Life Insurance, See Also
Famous quotes containing the word reserve:
“I understood that all the material of a literary work was in my past life, I understood that I had acquired it in the midst of frivolous amusements, in idleness, in tenderness and in pain, stored up by me without my divining its destination or even its survival, as the seed has in reserve all the ingredients which will nourish the plant.”
—Marcel Proust (1871–1922)