MLchartDataset catalogue

Return premium RP

Term · Insurance and risk management · MLC-T-INS-002949

The portion of the premium paid by the insured that is refunded by the insurer. This occurs when a policy is canceled before its expiration date, or when a change in coverage reduces the premium amount. The refund is typically calculated on a pro-rata basis, reflecting the unused portion of the policy term.

Table 1. Record
IdentifierMLC-T-INS-002949
FieldInsurance and risk management
Record as JSON 
{
  "id": "MLC-T-INS-002949",
  "term": "Return premium RP",
  "field": "Insurance and risk management",
  "definition": "The portion of the premium paid by the insured that is refunded by the insurer. This occurs when a policy is canceled before its expiration date, or when a change in coverage reduces the premium amount. The refund is typically calculated on a pro-rata basis, reflecting the unused portion of the policy term.",
  "url": "https://mlchart.com/terminology/insurance/return-premium-rp/"
}

Record 2,987 of 3,708 in Insurance and risk management terminology (MLC-0106). Request the full dataset.