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
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Termination date of coverage as indicated on the insurance policy. ...
number of people born as a percentage of the total population in any given period of time. ...
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Sections with standard wording common to all property and casualty insurance contracts: conditions, declarations, exclusions, insuring agreement. ...
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Agreement by the insurance company to keep the universal life insurance policy in force, even if the cash value becomes zero or less than zero, provided that a specified minimum ...
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