What Does Advance Premiums Mean?

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What does Advance Premiums mean? Read on to discover the definition & meaning of the term Advance Premiums - to help you better understand the language used in insurance policies.

Advance Premiums

Advance Premiums

occur when a policy has been processed, and the premium has been paid prior to the effective date. These are a liability to the company and not included in written premium or the unearned premium reserve.

We hope the you have a better understanding of the meaning of Advance Premiums.

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