Definition of "Return commission"

Jacqueline Butterworth real estate agent

Written by

Jacqueline Butterworthelite badge icon

Ingram & Assoc Hopewell

Return of a pro rata portion of an agent's commission for a policy that is canceled prior to its expiration date. A commission is paid to an agent in the expectation that the premium will be earned over the life of a policy. If the policy is canceled, a portion of the unearned premium (either pro rata or short rate) also must be returned to the policyowner.

image of a real estate dictionary page

Have a question or comment?

We're here to help.

*** Your email address will remain confidential.
 

 

Popular Insurance Terms

Expenses and taxes incurred by the insurance company resulting from the normal business activities of the company before the due date of the annual statement. ...

Organization of trial attorneys who specialize in the representation of defendants who become subject to tort actions. Generally, these tort actions involve bodily injury or personal injury ...

Hospital insurance program that provides medical professional liability insurance coverage to non employed hospital physicians. The objective of this means of insurance coverage is to ...

Exemption in ocean marine policy for losses caused by strikes, riots, and civil commotion. ...

Amount of combustible matter present that can act as a fuel to feed a hostile fire. ...

Hybrid between facultative reinsurance and treaty reinsurance where the ceding company may elect to assign certain risks that the reinsurer is obligated to accept. ...

Same as term Canadian Institute of Actuaries: ...

Circumstance in which no agent is servicing a debit. ...

Period of time during which notice of claim and proof of loss must be submitted by the insured or his or her legal representatives. ...

Popular Insurance Questions