Return premium

Return premium,

Definition of Return premium:

  1. An amount, equal to a fraction of the premium, which is given back to the insured in the case of a cancellation, an adjustment to the rate, or an overpayment of an advance premium.

Meaning of Return premium & Return premium Definition

Return Premium,

What is The Definition of Return Premium?

  1. If the actual cost of this policy is less than the amount already paid, the amount owed to the insurers. For example, if the threshold is lowered, the initial estimated risk exceeds the test risk or the policy is canceled.

  2. As a result of cancellation, rate adjustment or calculation, a portion of the premium is returned to the policyholder if the expected premium exceeds the actual premium.

  3. Return Premium means, A portion of the premium is returned to the policyholder on the basis of expiration, rate adjustment or calculation that the expected premium exceeds the actual premium.

  4. A simple definition of Return Premium is: If the actual cost of the policy is less than the amount paid, the premium amount due to the policyholder.

  5. In case of termination of the contract, tariff adjustment or overpayment of the expected premium, part of the premium paid will be refunded to the insured.

Literal Meanings of Return Premium

Return:

Meanings of Return:
  1. To come or return to a place or person.

  2. Giving or giving back (something) to a place or person.

  3. Return or accept (win)

  4. (Selector) Select (a person or party) for the office.

  5. Keep changing the direction (of the wall), especially at right angles.

  6. Walking or returning to a place or activity.

  7. Profit from an investment

  8. An official report or statement was sent in response to the formal request.

  9. Choice for office.

  10. The button is pressed to return the electric typewriter carriage to a certain position. In the word processing program, a key is pressed on the computer keyboard to return the carriage or to indicate the end of the data command or string.

Sentences of Return
  1. Back to Canada in the fall

  2. Fill out the registration form and send it to this address

  3. The company reported a profit of 4. 3.3 million

  4. Democrats sent him back to the third district

  5. Celebrate your safe return from war

  6. Product areas are designed to maximize profits.

  7. Census results

  8. We are campaigning for the return of Young and Elkins

  9. The master bedroom is at the back of the first floor, with windows overlooking the river.

Synonyms of Return

earn, hand back, submission, paper, dividend, register, pick, profit, information, gross, fetch, diary, send back, vote in, account, journal, get back, yield, revenue, come again, percentage, secure

Premium:

Meanings of Premium:
  1. Amount paid for the insurance policy.

  2. Price added to price or general cost.

  3. Something is given as a gift, reward or incentive.

Sentences of Premium
  1. Accurately, the earnings of a pensionable worker are made up of the premium paid for the claim equal to his salary.

  2. Consumers are reluctant to pay more for organic fruits

  3. The Society des Arts gave him a bonus

Synonyms of Premium

recompense, regular payment, instalment, insurance charge, additional fee, extra amount, percentage, prize, reward, additional payment, remuneration, surcharge, insurance payment, extra, bonus, perk, extra charge