return premium RP
Return premium is the amount due the insured if the actual cost of a policy is less than what the insured has previously paid.
return premium RP
Return premium is the amount due the insured if the actual cost of a policy is less than what the insured has previously paid.
Additional Information
For example, if the limits are reduced, the estimated exposure at inception is greater than the audited exposure, or the policy is canceled midterm.
Synonyms
refund of premium
