MLchartDataset catalogue

Pro rata PR

Term · Insurance and risk management · MLC-T-INS-002683

A method of calculating a premium, refund, or loss payment in proportion to a specific period or share. In insurance, it is often used to determine the premium for a policy period shorter than a full year. For example, if a policy is canceled mid-term, the unearned premium is returned on a pro rata basis.

Table 1. Record
IdentifierMLC-T-INS-002683
FieldInsurance and risk management
Record as JSON 
{
  "id": "MLC-T-INS-002683",
  "term": "Pro rata PR",
  "field": "Insurance and risk management",
  "definition": "A method of calculating a premium, refund, or loss payment in proportion to a specific period or share. In insurance, it is often used to determine the premium for a policy period shorter than a full year. For example, if a policy is canceled mid-term, the unearned premium is returned on a pro rata basis.",
  "url": "https://mlchart.com/terminology/insurance/pro-rata-pr/"
}

Record 2,703 of 3,708 in Insurance and risk management terminology (MLC-0106). Request the full dataset.