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It is the minimum amount an insurer will charge if you decide to cancel your policy shortly after it is issued. Let's say your annual premium is $1000. You just bought the insurance and a week later you decide you don't want it. Your policy shows a minimum earned amount of $250. Even though you have only had the insurance for a week the insurance company is still going to keep $250 because that is the amount you agreed to when you signed the application.

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Q: What is minimum earned?
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