Earned Premium Clause Samples
The Earned Premium clause defines the portion of an insurance premium that corresponds to the coverage period that has already elapsed. In practice, this means that if a policy is canceled before its expiration, the insurer is entitled to retain the earned premium for the time during which coverage was actually provided, while any unearned premium may be refunded to the policyholder. This clause ensures that the insurer is compensated fairly for the risk assumed during the covered period and clarifies the financial obligations of both parties in the event of early termination.
Earned Premium the earned premium of corresponding Agreement, taken for a certain date within the Insurance Period, represents the part of the total premium of the Insurance Period, which represents the number of days elapsed up to the above mentioned certain date against the duration measured during the days within the entire Insurance Period;
Earned Premium. [Item A(3) plus Item A(4) (i) less Item A (4) (ii)]
Earned Premium. The cost to Agricorp of providing insurance coverage to you from the beginning of the Policy Term to the date of cancellation.
Earned Premium. Earned premium shall be computed and charged on every policy, binder, certificate, cover note and endorsement canceled after inception in accordance with the cancellation provisions of such document.