Montana Sample Letter to Defendant concerning Repayment of Unearned Premiums
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How to fill out Sample Letter To Defendant Concerning Repayment Of Unearned Premiums?
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FAQ
Unearned premiums are parts of the insurance premiums that are collected in advance by the insurers. The insurer is subject to refund the unearned premium if the insured decides to terminate the policy before the policy period ends.
An unearned premium is the opposite of earned premium, which is the amount of money that has been paid for coverage that has already been used. It's also sometimes referred to as a return premium. Unearned premium is essential in the insurance industry because it helps insurers manage their balance sheets.
The unearned portion of a life insurance premium is the advance premium an insurer receives for which coverage has yet not been provided to the customer. It is a liability in the insurer's books of accounts as the insurer may have to return it to the customer on policy cancellation, subject to certain conditions.
Second, when coverage is terminated, unearned premium is eligible to be returned to the policyholder. The calculation to determine the amount of a refund is simply the paid premium minus the earned premium.
An unearned premium is the premium amount that corresponds to the time period remaining on an insurance policy. In other words, it is the portion of the policy premium that has not yet been "earned" by the insurance company because the policy still has some time before it expires.
OAMIC fulfilled two months of coverage so $200 of the premium has been earned. So, $1,200-$200=$1,000. The $1,000 of unearned paid premium will be returned to Sarah after March 1 since she paid the full amount in advance.