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There are three typical calculation methods: pro-rate, or using a penalty method such as short period rate (old short rate), and short period rate (90% pro rata). The return premium is generally calculated using a wheel calculator, a type of circular slide rule or an online version. [ 1 ]
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.
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. In American English, this term has been vernacularized to prorated or pro ...
Pages for logged out editors learn more. Contributions; Talk; Pro rata condition of averages
Cancellation (insurance)#Pro rata To a section : This is a redirect from a topic that does not have its own page to a section of a page on the subject. For redirects to embedded anchors on a page, use {{ R to anchor }} instead .
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Cancellation (insurance)#Short Period Rate (90% pro rata) To a section : This is a redirect from a topic that does not have its own page to a section of a page on the subject. For redirects to embedded anchors on a page, use {{ R to anchor }} instead .