An apparatus and method are described for implementing an exclusive lower level cache (LLC) policy within a computer processor. For example, one embodiment of a computer processor comprises: a mid-level cache circuit (MLC) for storing a first set of cache lines containing instructions and/or data; a lower level cache circuit (LLC) for storing a second set of cache lines of instructions and/or data; and an insertion circuit for implementing a policy for inserting or replacing cache lines within the LLC based on values of use recency and use frequency associated with the lines.