re·serve 1 vt re·served, re·serv·ing: to keep back or set apart: as
a: to keep (a right, power, or interest) esp. 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
reserve 2 n
1: something stored or kept available for future use
an energy company with various unproven oil reserve s
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
1: a reserve allocated by a bank for the purpose of absorbing losses
a loan loss reserve
2: 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
with reserve: 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 reserve: without a reserve price and with the seller bound to accept the highest bid
Merriam-Webster’s Dictionary of Law. Merriam-Webster. 1996.