Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
unearned premium reserve
An insurance company's reserve that represents premiums that have been received in advance but not yet applied to policy coverage. ( If a policy holder cancels coverage before the policy ex pires but has already paid a premium for the full policy period, the insurance company re funds the policyholder out of this reserve. 2. RESERVATION (3). 3. See net value under VALUE. - reserve, vb.