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What is the difference between Short Rate Cancellation vs Pro Rate Cancellation?
Wiki User
∙ 11y ago
In Pro Rate cancellation , the insurer will not charge a penalty premium and the return premium is the premium for the unexpired term of the policy.
While in Short Rate cancellation , the insurer charge for a penalty premium as the cancellation is due to insured request . The Insurer keeps a percentage of earned premium to cover its costs.
Wiki User
∙ 11y ago
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