A more thorough explanation:

A level-rate legal-reserve policy is a type of insurance policy that seeks to build a reserve equal to the policy's face value by the end of the insured's life. This means that the premiums paid by the policyholder remain the same throughout the policy's term, and the policy builds up a reserve that can be used to pay out the policy's face value upon the insured's death.

For example, if a policyholder purchases a level-rate legal-reserve policy with a face value of $100,000, they will pay the same premium amount each year until the policy matures. Over time, the policy will build up a reserve of funds that can be used to pay out the $100,000 face value upon the policyholder's death.

This type of policy is often used for life insurance, as it provides a predictable premium amount and a guaranteed payout upon the insured's death. It is also commonly used for retirement planning, as the policy's reserve can be used to supplement the policyholder's retirement income.