Unearned Premium = Policy Preimum - (Policy Premium * (No of Days Elapsed / 365))
The promised yield to maturity calculation assumes
An ACTUARY!!!!lated by the An UNDERWRITER is the person who accepts the risk against the premium calculated by the Actuary.
Insurance value x Exchange Rate(USD)xexcess value(0.7/1000)+sales tax(10.3%)=Premium
Premum waiver benefit is available in certain LIC policies provided you have paid regular premiums for 3 years or more. In this option by paying extra premium you can get the premium waived off from the date of one's demise till your nominee becomes eligible to avail benefits.
klk
If we're talking about P & C insurors, SSAP 62R states that when payments are made for prospective reinsurance, both written premium and earned premium are reduced. I take this to mean that the liability account 'Unearned Premiums' would not reflect any amount parenthetically for 'after deducting unearned premiums for reinsurance', but I don't have much confidence that I'm interpreting it correctly.
Life
p=2rb
Yes, unearned premium if any will be refunded to you.
30%
You are due a refund of of all unearned premium. Associated policy production fees are nonrefundable.
Yes, if you cancel your home insurance policy mid term you would be entitled to the unearned portion of your premium payments.
They are required to refund any unearned premium portion. Policy fees and the like are considered fully earned.
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.
Use PCP relationship
Unearned fee and unearned revenue is that amount which is received from client in advance but actual services are not provided yet to client.
The answer depends upon how long the policy has been in force. There may be a right to a refind of premium paid, called an "unearned premium". However, it exists for only a finite period of time and depends upon the terms of the policy.