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Short-rate Refund
A refund of a portion of a premium on an insurance policy, calculated using a method that is less than pro-rata, often involving a penalty for early cancellation.
Annual Premium
The amount paid annually for an insurance policy, providing coverage over a specified period of time.
Short-rate Refunds
A partial refund of premium on an insurance policy that has been canceled by the policyholder before its expiration, calculated using a method that is less than prorated.
Premium Rate
a higher price or cost than the standard, often for services that are considered to be of better quality or with added features.
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