Damages awarded by a Court, in an action for liability, to set an example; rather in the form of a punishment against the defendant than to make good a loss suffered by the plaintiff.
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The reserve needed by an insurer to cover net level policies which are in their later years. Loosely speaking, the level premium system of paying for a long-term Life or Health policy involves overpayment in the early years and underpayment in the later years.