Portion of the premium received that relates to future coverage periods.
Portion of the written premium that is applicable to the unused part of the period for which premium has been paid.
The calculated aggregate net amount, after deducting reinsurance credits, which an insurance company would be obliged to tender to its policyholders as return premiums for the unexpired terms, should it wish to cancel every policy in force.
That part of the premium applicable to the unexpired part of the policy period.