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
Liability insurance coverage for claims arising from acts that occurred before the beginning of the policy period. Policies written on a claims made basis, such as malpractice liability ...
Rule for accounting for contingencies that has application for the accounting of liabilities under the comprehensive environmental response, compensation, and liability act of 1980 ...
Cost of replacing damaged or destroyed property with comparable new property, minus depreciation and obsolescence. For example, a 10-year-old living room sofa will not be replaced at ...
Since a mobile home can literally be both mobile and a house, it obviously requires its own kind of insurance. A mobile home insurance policy is sort of a hybrid between auto insurance and ...
Range of administrative and risk management services that can be purchased by an insured. Increasingly, insurance can be purchased unbundled so that policy-holders may pay for straight ...
Treaty adopted by most major countries to determine adjustment for general average in ocean marine insurance. ...
Classification at death of all pension plans, profit-sharing plans, individual retirement accounts (IRAS), annuities, and installment payments to the extent to which the deceased was ...
Coverage for less than one year in duration. ...
Describing the process of developing the ultimate losses and then adjusting them to the cost levels projected for the period of time to be forecasted. ...
Have a question or comment?
We're here to help.