Tender Of Unearned Premium

Definition of "Tender of unearned premium"

Shelayna West, Owner real estate agent

Written by

Shelayna West, Ownerelite badge icon

West Premier Home Group-
Keller Williams Legacy Realty

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.

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

Employer using a self-administered insurance plan; or an insurer that administers a group employee benefit plan. In an employer administered plan, the employer maintains all required ...

Same as term Occurrence Basis: coverage, in liability insurance, for harm suffered by others because of events occurring while a policy is in force, regardless of when a claim is actually ...

Billing by an administering agency for expenses associated with administering a group employee benefit plan. ...

Coverage that goes into effect when an individual's claim reaches a specific threshold selected by the employer who has self-insurance. After this threshold is reached, the policy pays ...

Provision of health maintenance organization (HMO) coverage. A member who is critically injured within the geographical service area of the HMO can use the nearest hospital for emergency ...

Policy similar to that of an individual universal life insurance policy except that the coverage is provided (up to a limit) without the requirement of the submission of evidence of ...

Death from other than accidental means. ...

Same as term Flat Rate: rate not subsequently adjusted. The rate stays in effect regardless of an insured's subsequent loss record. ...

Use of the threat of violence or actual violence in taking property from someone else's possession. This peril is covered on a personal basis through the purchase of a homeowners insurance ...

Popular Insurance Questions