What is earned and unearned premium?
Earned Versus Unearned Premiums\n\n Earned premiums refer to any premium that is paid in advance and belongs to an insurer. Unearned premiums are collated in advance by insurance firms that are required to provide them back to insurance policyholders if coverage is terminated before the premium period is over.
What does unearned premium mean in insurance?
Unearned Premium (UEP or UP) — that portion of the policy premium that has not yet been "earned" by the company because the policy still has some time to run before expiration.
What is the difference between written premium and earned premium in insurance?
Net written premiums are written premiums less deductions for commissions and ceded reinsurance. They measure the dollar amount of the policies underwritten by the insurer, unlike net premiums earned, which are a measure of the actual dollar amount the insurer will receive from premiums sold.
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[PDF] Premium Earning Patterns for Multi-year - Casualty Actuarial Society
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[PDF] The Essentials—Busting insurance jargon - IFRS Foundation
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[PDF] Glossary of Common Insurance Terms
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