Short-rate cancellation refers to a type of insurance policy cancellation that serves as a...
pro rata cancellation
Pro rata cancellation refers to the cancellation of an insurance policy or bond with the return of unearned premium credit being the full proportion of premium for the unexpired term of the policy or bond, without penalty for interim cancellation.
Related Terms
Flat cancellation is the cancellation of an insurance policy or bond as of its effective date, and...
Cancellation is the termination of an insurance policy or bond, before its expiration, by either...
