- That portion of premium earned or charged for the period of time a policyLegally binding contract effecting insurance or certificates thereof, including all clauses, riders, endorsements and renewals. More remained effective. For example, an annual policyLegally binding contract effecting insurance or certificates thereof, including all clauses, riders, endorsements and renewals. More paid for in advance would be one-twelfth “earned” at the end of the first full month of its termThe period of time from the inception to the termination of an insurance policy or bond. More.
- An amount calculated by taking earned premium• That portion of premium earned or charged for the period of time a policy remained effective. For example, an annual policy paid for in advance wo... More reserve at the beginning of the period plus premium written during period, less unearned premium reserve at end of period.
- Premium actually exposed to loss.