Short Rate Cancellation


Definition of "Short rate cancellation"

Cancellation by the insured of a property or disability insurance policy for which the returned unearned premium is diminished by administration costs incurred when the insurance company placed the policy on its books.



Search Real Estate Glossary

 

Related Real Estate Glossary terms

Allocation Method

Approach used to allocate the price paid for two or more properties based on their fair market value ...

Coinsurance

Arrangement the insured and insurer share on a proportional payment for a loss. ...

Accelerative Endowment

Life insurance policy option under which the dividends that have accrued may be applied to mature th ...

Principal Meridian

principal line running north and south in the government rectangular survey method. Other meridians, ...

Pooling Charge

Amount that each member of a pool contributes to that pool. ...

Walkaway Risk

Risk involved when a potential buyer or seller of property decides not to buy or sell. For example ...

Related Real Estate FAQ

What Is Escrow?

Escrow is a trust account created by a neutral third party to hold money for the seller or buyer. Wh ...

What Is Flood Insurance?

Flood insurance is insurance that compensates for the physical property damage resulting from rising ...

What Is An Assumable Mortgage?

A type of purchase in which the buyer assumes the responsibility of making payments on a sellers hom ...

What Is Depreciation?

Depreciation is a decline in the value of property due to general wear and tear, or is also known as ...

What Is A Good Faith Estimate?

A Good Faith Estimate is when a lender must give a prospective homebuyer a written estimate of closi ...

How Can I Figure Out My Debt-to-income Ratio?

To figure out where you stand on the debt-to-income ratio, you must first understand the meaning of ...

Read why Real Estate Agent rates 5 Stars in 10 Agent Reviews
Read Reviews

Agents join here
Add our widget on your Website

Real Estate Advice

How To Sell Your Home What is Hazard Insurance? What is the Best Time of Year to Buy a Home? How Does The Home Loan Underwriting Process Work? 10 Tips for Homebuyers

FAQ

What is a loan-to-value (LTD) ratio? What is an adjustable-rate mortgage (ARM)? What is an easement? What is a principal? What is a spec house?