Insurance Lesson

Earned Premium

Premium is generally paid in advance for insurance. Earne premium is the premium that was needed to pay for the insurance up until a certain pint, such as a cancelation or renewal. If a policy is terminated halfway through the period, half the premium was earned unless an audit or endorsement results in additional earned premium.

Lesson Script

What This Video Covers

Premium is generally paid in advance for insurance. Earne premium is the premium that was needed to pay for the insurance up until a certain pint, such as a cancelation or renewal. If a policy is terminated halfway through the period, half the premium was earned unless an audit or endorsement results in additional earned premium.
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HO-3 Policy

An HO-3 policy is a common homeowners form that typically covers the dwelling on open perils and personal property on named perils.