Unearned premium reserve

Definition
: 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  : See also reserve price
: with a reserve price and with a seller reserving the right to reject all bids
A sale at auction is with reserve if there is no explicit indication to the contrary.
: without a reserve price and with the seller bound to accept the highest bid



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Based on Merriam-Webster's Dictionary of Law ©2001.
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administrative law judge

an officer in a government agency with quasi-judicial functions including conducting hearings, making findings of fact, and making recommendations for resolution of disputes concerning the agency’s actions


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