Tender Of Unearned Premium
Definition of "Tender of unearned premium"
Return of a prorated portion of premium after a policy is canceled by the insurer. Under most property and liability insurance policies, the insurer can cancel at any time but must return to the insured the portion of the premium that has not been used. Although some courts have held that a policy has not been cancelled until the insurer returns the unearned premium, others allow the insurer to cancel the policy and inform the insured that the unearned premium will be refunded on demand.
Popular Insurance Terms
Form that provides insurance coverage for the insured in the event the damage or destruction of non-owned property reduces or terminates the insured's earnings. For example, if the insured ...
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Exposures usually excluded from life and health insurance, or subject to a maximum limit if covered. ...
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Insured whose rights against a third party are transferred to an insurance company (the subrosee) according to the process required by the subrogation clause in the policy. ...
Special endorsement to personal automobile policy (pap) covering loss of records, tapes, and other sound equipment caused by an insured peril in an insured automobile. ...
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