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More specifically, pro rata means: In proportionality to some factor that can be exactly calculated [2] [3] To count based on an amount of time that has passed out of the total time; Proportional ratio [4] Pro rata has a Latin etymology, from pro, according to, for, or by, and rata, feminine ablative of calculated (rate or change). [5]
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.
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]
The choice of matching algorithm is an important part of the trading mechanism. The most common matching algorithms are the Pro-Rata and Price/Time algorithms. Comparison of Price/Time and Pro-Rata Following are few basic remarks about the two basic algorithms and their comparison. [4]
Others use "pro rata" cancellation, giving you back every cent of the unused premium. If you paid for your old policy in full and canceled partway through, expect to wait two to three weeks for ...
Pro-rata plan – In this setup, everyone involved in the plan receives the same contribution from the employer. This could be a fixed dollar amount or percentage of salary. This could be a fixed ...
Each tenant pays their pro rata share of a property's total CAM charges, which prorated share is the percentage of the tenant's rented square footage of the total, rentable square footage of the property. A common example of a CAM item is the cost of cleaning the walkways in a shopping mall. It is assumed that every tenant benefits from a clean ...
If inflation were up 3% that year, you’d multiply that by the amount you took out the first year — $40,000 — and you get $1,200. That means in year 2, you’d withdraw $41,200.