What is the Definition of Unearned Premium?
What is the Definition of Unearned Premium?
The portion of a premium already received by the insurer under which protection has not yet been provided. The entire premium is not earned until the policy period expires, even though premiums are typically paid in advance.
Source: Insurance Handbook A guide to insurance: what it does and how it works | https://www.iii.org/
Label: Insurance
Theme: Dictionary of Insurance Terms
Other Questions: What is the definition of Annuity?
What is the Definition of Unearned Premium?
You can find random definition and meaning of insurance terms below:
What is the meaning of Individual Credit – Credit Disability
makes monthly loan/credit transaction payments to the creditor upon the disablement of an insured debtor.
What is the meaning of Individual Credit – Life
contracts sold in connection with loan/credit transactions or other credit transactions, which do not exceed a stated duration and/or amount and provide insurance protection against death.
What is the meaning of Industrial Life
Industrial life insurance, also called "debit" insurance, is insurance under which premiums are paid monthly or more often, the face amount of the policy does not exceed a stated amount, and the words "industrial policy" are printed in prominent type on the face of the policy.
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