What Does Pro Rata Cancellation Mean?

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

Pro Rata Cancellation

Pro Rata Cancellation

A pro rata cancellation is a cancellation on an insurance policy in which the policyholder is fully refunded for premiums that have been paid in advance. It is an alternative to a short rate cancellation in which the refund incurs a penalty.

We hope the you have a better understanding of the meaning of Pro Rata Cancellation.

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