Unearned premium (UEP or UP) is the portion of the policy premium that has not yet been "earned" by...
earned premium (EP)
Earned premium (EP) is that part of a policy's premium that applies to the expired portion of the policy.
Additional Information
Although insurance premiums are often paid in advance, insurers typically "earn" the premium at an even rate throughout the policy term. The unearned portion of the premium that has been paid is kept in the "unearned premium reserve."
Related Terms
A written premium is the premium registered on the books of an insurer or a reinsurer at the time a...
