net level reserve

  • A policy reserve computed by a method that makes no allowance for higher first-year expense. A uniform part of each year’s premium paid by the insured is used for reserve purposes.

    Internal Revenue Service 1

1Internal Revenue Service, Internal Revenue Manual 4.42.6 Glossary, http://­­irm/­part4/­irm_04-042-006.html (last accessed Dec. 22, 2009).