Unearned premium
Homeowners Insurance
The portion of the premium for the remaining time period that the policy will not be in force.
- — Homeowners Insurance Glossary retrieved 2014-05-16
The amount of a pre-paid premium that has not yet been used to buy coverage. For instance, if you paid in advance for a six-month premium, but then cancel the policy after two months, the company must refund the remaining four months of “unearned” premium to you.
- — Glossary of Common Homeowners Insurance Terms retrieved 2014-05-16
Auto Insurance
The portion of the premium for the remaining time period that the policy will not be in force.
- — Auto Insurance Glossary retrieved 2014-05-19