WAEC - Insurance (2016 - No. 3)
when a policy is cancelled before its expiry date, what is owed to the insured is
earned premium
unearned premium
return premium
unpaid premium
Paliwanag
return premium. An amount, equal to a fraction of the premium, which is given back to the insured in the case of a cancellation, an adjustment to the rate, or an overpayment of an advance premium.