RETURN PREMIUMS Sample Clauses
The RETURN PREMIUMS clause outlines the conditions under which an insured party is entitled to receive a refund of a portion of the insurance premium. Typically, this occurs when a policy is canceled before its expiration date or when there is a reduction in coverage that lowers the risk to the insurer. The clause specifies how the refund is calculated, such as on a pro-rata or short-rate basis, and may detail any administrative fees or deductions. Its core function is to ensure fairness by returning unearned premiums to the policyholder, thereby preventing overpayment for unused insurance coverage.
RETURN PREMIUMS. If this policy is cancelled, you will be entitled to a premium refund in accordance with the following provisions unless we have paid for a total loss or constructive total loss of the vessel insured under this policy, in which case no refund of premium will be due. In order to calculate the amount of any premium refund to which you may be entitled, we will first add back to the annual premium any advance discount that you were given for a lay-up period. If we cancel the policy, you will be entitled to a return premium in an amount equal to the product obtained by multiplying the stated premium for the policy year by a factor the numerator of which is the number of consecutive days elapsed from the first day of the policy year until the date as of which we cancel the policy and the denominator of which is 365; provided, however, that the return Part B: General Limitations And Exclusions
RETURN PREMIUMS. If this policy is cancelled, you will be entitled to a premium refund in accordance with the following provisions unless we have paid for a total loss or constructive total loss of the vessel insured under this policy, in which case no refund of premium will be due. In order to calculate the amount of any premium refund to which you may be entitled, we will first add back to the annual premium any advance discount that you were given for a lay - up period. If we cancel the policy, you will be entitled to a return premium in an amount equal to the product obtained by multiplying the stated premium for the policy year by a factor the numerator of which is the number of consecutive days elapsed from the first day of the policy year until the date as of which we cancel the policy and the denominator of which is 365; provided, however, that the return premium shall be reduced to the extent necessary to ensure that we retain an amount at least equal to the minimum earned premium shown on the Declarations Page. If you cancel the policy, you will be entitled to a return premium in an amount equal to 90% of the premium that would have been due if we cancelled the policy (as described above) provided, however, that the return premium shall be reduced to the extent necessary to ensure that we retain an amount at least equal to the minimum earned premium shown on the Declarations Page. Any return premium will be paid to you as soon as possible after the cancellation.
RETURN PREMIUMS. If This Policy is cancelled, You may be entitled to a partial premium refund. If We cancel This Policy, any return premium will be computed on a pro-rata basis. If the Named Insured cancels This Policy, any return premium will be computed on a pro-rata less ten (10) percent basis. No premium will be returned to the Named Insured if We have paid for a Total Loss or Constructive Total Loss of the Insured Vessel under This Policy. Your policy premium shall become fully earned and any uncollected premium shall be deducted from your final loss statement.
RETURN PREMIUMS. In the event return premiums become due for any reason whatsoever, FCI shall refund to Broker the return premium amount less Broker’s commission.