Pro Rata Cancellation
Barron's Business Dictionary:
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Pro Rata Cancellation
Revocation of a policy by an insurance company, which returns to the policyholder the unearned premium (the portion of the premium for the remaining period that the policy will not be in force). There is no reduction for expenses already paid by the insurer for that time period.
| Pro Rata, Pro Forma, Prize Broker | |
| Pro Rata Distribution Clause, Proactive, Probability |
Barron's Insurance Dictionary:
Top
Pro Rata Cancellation
Revocation of a policy by an insurance company that returns to the policyholder the unearned premium (the portion of the premium for the remaining time period that the policy will not be in force). There is no reduction for expenses already paid by the insurer for that time period.
See also short rate cancellation.
See also short rate cancellation.
| Private Replacement Variable Life (PPVL), Private Placement, Private Mortgage Insurance (PMI) | |
| Pro Rata Clause, Pro Rata Distribution Clause, Pro Rata Liability Clause |
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Return Premium
(insurance term)
Reinsurance Reserve (Unearned Premium Reserve)
(insurance term)