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Unearned Premium = Policy Preimum - (Policy Premium * (No of Days Elapsed / 365))

Q: Calculation of unearned premium?

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Unearned Premium = Policy Preimum - (Policy Premium * (No of Days Elapsed / 365))

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Excess of loss reinsurance coverage typically has no direct effect on unearned premium. Unearned premium represents the portion of an insurance policy premium that has been paid in advance but has not yet been "earned" by the insurer due to the coverage period still being in progress. Excess of loss reinsurance helps protect the insurer from catastrophic losses by providing additional coverage, but it does not impact the timing or calculation of unearned premium.

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Yes, unearned premium if any will be refunded to you.

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You are due a refund of of all unearned premium. Associated policy production fees are nonrefundable.

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