What Does Return Premium Mean?

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

Return Premium

Return Premium

The amount due the insured if the actual cost of a policy is less than what the insured has previously paid for example, if the limits are reduced, the estimated exposure at inception is greater than the audited exposure, or the policy is canceled.

We hope the you have a better understanding of the meaning of Return Premium.

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