What does Refund mean? Read on to discover the definition & meaning of the term Refund - to help you better understand the language used in insurance policies.
A refund is a financial transaction in which one party returns a certain amount of money to another party. Refunds typically occur when a party fails to deliver on an obligation or a promise. In an insurance context, a policyholder can be given a refund for a payment they made that the insurer was actually supposed to cover.
We hope the you have a better understanding of the meaning of Refund.