HomeHow does the insurance company calculate the amount of premium to refund when a policy is cancelled?
Wiki User
2015-07-16 18:14:54
2015-07-16 18:14:54
Insurance premiums are calculated for the year. If you cancel your policy refunds are usually issued retroactively. So if you cancel your insurance 6 months into your policy, you wil be refunded for the remaining 6 months. It is usually calculated to a daily value, so you will get a refund for the remaining days left in the year.
However, it is up to the insurance compant on what their refund policy is. Some companies will have a cancelation policy of 1 months cost of insurance if you cancel your policy. Most companies however have no fee.
Related Questions
What happens is that you get a new insurance policy, possibly with another insurer. Any unearned premium will be returned to you by your insurer.
You are due a refund of of all unearned premium. Associated policy production fees are nonrefundable.
The premium is calculated on the basis of many factors. The insurance company will calculate the premium and inform you before you buy the policy.
An Actuary is the person in an insurance company who calculates the premium
Premium loading is an amount an insurance company adds to the basic premium to cover the expense of securing and maintaining the business.
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