Unearned premium

Unearned premium,

Definition of Unearned premium:

  1. An unearned premium is the premium amount that corresponds to the time period remaining on an insurance policy. In other words, it is the portion of the policy premium that has not yet been "earned" by the insurance company because the policy still has some time before it expires.

  2. Unearned premiums appear as a liability on the insurer's balance sheet because they would be paid back upon cancellation of the policy.

  3. An insurance premium that is paid by the customer in advance and which the insurance company has not earned. In the event the customer policy is canceled, a full refund of the unearned amount is due back to the customer.

How to use Unearned premium in a sentence?

  1. Unearned premium is the portion of the policy premium that has not yet been "earned" by the insurance company because the policy still has some time before it expires.
  2. In certain circumstances, an insurance company may not have to issue a refund for unearned premium.
  3. Provisions in the insurance contract govern the terms for unearned premium.

Meaning of Unearned premium & Unearned premium Definition

Unearned Premium,

Definition of Unearned Premium:

The advance premium is the premium amount received which is the same as the rest of the term of the insurance policy. This means that this is the part of the insurance premium that the insurance company did not receive because the policy is still due.

  • Advance premiums are a fraction of the insurance premiums that were not received by the insurance company as there is still a maturity date in the policy.
  • The terms of the insurance contract control the terms of the premium already received.
  • In certain circumstances, the insurer cannot be asked to pay unintentional premiums.

The portion of the premium received by the insurance company and which was not covered. The total premium is not collected before the end of the insurance period, although the premium is usually paid in advance.

Literal Meanings of Unearned Premium

Unearned:

Meanings of Unearned:
  1. I do not accept or accept.

Sentences of Unearned
  1. Unannounced Concessions

Premium:

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

Sentences of Premium
  1. If the calculations are correct, the income of the pensionable worker will have to be paid by the insurance company to the insurance company for equal rights in addition to his salary.

Synonyms of Premium

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

Unearned Premium,

What is The Definition of Unearned Premium?

Amount of prepaid premium that was not used to purchase coverage. For example, if the policyholder pays the premium six months in advance, but cancels the policy after two months, the company must repay the premium for the remaining four months that was not received.

Part of the insurance premium that the policyholder intends to repay at the end of the policy.

Definition of Unearned Premium: The portion of your reward that remains for the duration of your contract. For example, with a six-month premium, the insurance company will not receive one-fifth of the premium at the end of the first month of the premium period.

The definition of Unearned Premium is: Amount of prepaid premium that was not used to purchase coverage. For example, if the policyholder has already paid the premium six months in advance, but cancels the policy after two months, the company will have to pay the remaining four months of the unpaid premium.

Unearned Premium,

What is The Meaning of Unearned Premium?

The portion of the bonus that the company received, but has not yet received because the policy has not yet expired.

The portion of the premium that was received by the insurance company and received no protection.

Unearned Premium can be defined as, The portion of the contract premium that represents the term of the contract that has not expired.

The premiums paid by the insured, but not yet covered.

Proportionate to the bulk of the insurance, the premium is equal to the remainder of the policy, so will appear as a liability in the insurance books.