Insurance premiums are usually payable in advance. The earned premium at any time is the amount due to the Exchange for the protection it has already provided.
That portion of the premium which represents coverage already provided. Each day that an insurance policy is in force represents a day of earned premium.
The amount of premium that would compensate the insurance company for its loss experience, expenses and profit year to date.
The portion of the total property and casualty premium which has been earned by the insurance company. This is determined by the amount of premium that applies to the expired portion of each underwritten policy.
The portion of premium that applies to an actual coverage period. Insureds usually pay a calendar quarter or more in advance of the actual coverage period; the advance payment is initially unearned and becomes earned incrementally during the ensuing coverage period.
The portion of an insurance premium for which protection has already been provided by the insurer.
The portion of a policy premium that has been used to actually buy coverage, or that the insurance company has "earned." For instance, if you have a six-month policy that you paid for in advance, two months into the policy, there would be two months of earned premium. The remaining four months of premium is called unearned premium.
Portion of a premium for which protection has already been provided by the insurer. (However, with life insurance, the premium is earned when paid.)
When a policy is canceled during its term, there is a portion of the premium that the insurance company is entitled to keep or get because they were insuring the risk during that period of time. This is the part of the premium that they retain or request when a policy is canceled.
The premium covering the time a policy has been in force.
The part of the total premium which applied to the portion of the policy period which has already expired.
That part of the premium applicable to the expired part of the policy period, including the short-rate charge on cancellation.
This is the premium that is calculated on the audit statement. It consists of a total of all class code premiums calculated. The premium is determined by multiplying the applicable rate to the exposure.
A term that is used to identify the amount total premium amount the insured has already paid during a specified period of time.
The part of your premium used up by time / use.
The part of your premium used up by any given point in the life of your policy. After six months of coverage on a twelve-month policy, one half of your premium will have been "earned".
The premium for the amount of insurance used. The amount of premium which would pay for insurance from the inception date of the policy until the particular date at which it is desired to calculate the earned premium. It is the expired portion of a premium.
the proportion of the premium charged applicable to part of the policy period which has already elapsed.
The proportion of premium that relates to a used period of cover.
The portion of premium that applies to the expired part of the policy period.
The portion of a premium which is the property of an insurance company, based on the expired portion of the policy period. For example, an insurance company is considered to have earned 75 percent of an annual premium after a period of nine months of an annual policy has elapsed.
The amount of premium that has been earned, or "used up" during the term of a policy. For example, a three-year policy that has been in effect for a year and a half will have been half earned.
The premium amount which would compensate the surety for the protection furnished for the expired portion of the term of the bond.
The portion of the policy premium allocated to the expired or used portion of the policy term. This also includes any short-rate charge made on policy cancellation.
That portion of a premium for which the policy protection has already been given during the now-expired portion of the policy term.
The portion of the premium charged applicable to the part of the policy period that has already elapsed.
The amount of any time during the life of the policy which would compensate the company for the protection furnished for the expired portion of the policy term.
Portion of a premium for which protection of the policy has already been provided by the insurer.
Premium for which protection has been provided. When a premium is paid in advance for a policy period, the company 'earns'' a portion of that premium only as time elapses during that period.
The amount of the premium that as been paid for in advance that has been "earned" by virtue of the fact that time has passed without claim. A three-year policy that has been paid in advance and is one year old would have only partly earned the premium.
That portion of a policy's premium payment for which the protection of the policy has already been given. For example, an insurance company is considered to have earned 75 percent of an annual premium after a period of nine months of an annual term has elapsed.
That part of the total property/casualty policy premium earned by the insurance company which applies to the expired portion of the policy period.
This applies when insurance is terminated before the expiry date of the insured period. The earned premium attaching to the period during which the underwriters have been on risk.
Premium is said to be earned by a particular date to the extent that the insurance has by then run its course.
The portion of a premium that has been "used up" during a policy term. With a one-year policy, half of the total premium has been earned after six months.
Pro rata portions of premiums applicable to the expired period of a policy.
That portion of the written policy premium applicable to the expired, or used, part of the period for which the premium has been charged.
that part of a premium relating to a completed or expired period of risk; the actual premium chargeable under an adjustable policy.
The amount of premium that has been used for certain periods of time.
1) That portion of premium earned or charged for the period of time a policy remained effective. For example, an annual policy paid for in advance would be one twelfth "earned" at the end of the first full month of its term. 2) An amount calculated by taking earned premium reserve at beginning of period plus premium written during period, less unearned premium reserve at end of period. 3) Premium actually exposed to loss.
that portion of the advance premium and audits which the company is entitled to at any period before the date the policy expires or is cancelled.
Portion of a premium for which the insurer has already provided protection.
The amount of the premium that has been "used up" during the term of a policy. For example, if a one-year policy has been in effect six months, half of the total premium has been earned.
Earned premium is the portion of an insurance written premium which is considered "earned" by the insurer, based on the part of the policy period that the insurance has been in effect, and during which the insurer has been exposed to loss. For instance, if a 365-day policy with a full premium payment at the beginning of the term has been in effect for 120 days, 120/365 of the premium is considered earned. Conversely, 245/365 of the premium is considered unearned.