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A penalty method of calculate a score Ft V V by getttttwww lating the return premium [4] often used when the policy is canceled at the insured's request. It uses a table of factors that results in penalties that can be lower or higher than short rate (90% pro rata) depending upon the date of cancellation.
Pro rata is an adverb or adjective meaning in equal portions or in proportion. [1] The term is used in many legal and economic contexts. The hyphenated spelling pro-rata for the adjective form is common, as recommended for adjectives by some English-language style guides.
Illustration of the partial payout of Sum Insured against probability of occurrence. Condition of average (also called underinsurance [1] in the U.S., or principle of average, [2] subject to average, [3] or pro rata condition of average [4] in Commonwealth countries) is the insurance term used when calculating a payout against a claim where the policy undervalues the sum insured.
Short rate cancellation (insurance), a penalty method of calculating return premium of an insurance policy Short rate table, used to calculate the earned premium for such a policy Short-rate model (interest), a mathematical model that describes the future evolution of interest rates by describing the future evolution of the short rate
This term is also often used in the lending area and in bankruptcy proceedings, where creditors are said to be paid pari passu, or each creditor is paid pro rata in accordance with the amount of his claim. Here its meaning is "equally and without preference". There have been cases where decisions were based on different interpretations of the ...
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Pro-rata homeowner association dues, paid by the seller, buyer, or both. If the property is covered by a homeowners association (HOA), the HOA will normally be funded by dues assessed against each property owner. Since the ownership of the seller and buyer are each fractional in the year of the transaction, there must be an adjustment made so ...