Return Premium

Need Personal or Business Insurance?

Request A Quote



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.

More Insurance Terms And Definitions

The Merriam-Webster Dictionary defines insurance as:

a: The business of insuring persons or property.

b: Coverage by contract whereby one party undertakes to indemnify or guarantee another against loss by a specified contingency or peril.

c: The sum for which something is insured.

We hope the you have a better understanding of the meaning of Return Premium. If you are looking for the meanings of other important insurance terms and their definitions, just click on the letter below to find the words & concepts you are looking for:

A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z


Want A Business or Personal Insurance Quote?

Request A Quote

Contact EK Insurance to discuss how much the insurance you want costs.