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A penalty method of calculate a score Ft V V by getttttwww lating the return premium [4] often used when the policy is canceled at the insured's request. It uses a table of factors that results in penalties that can be lower or higher than short rate (90% pro rata) depending upon the date of cancellation.
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 ...
The second rate making method is class rating, or manual rating. This rating means that exposures with similar characteristics are placed in the same underwriting class, and each is charged the same rate. The advantage of class rating lies with its easy application and ability to quickly be obtained. [1] The third rate making method is merit ...
Short rate cancellation (insurance), a penalty method of calculating return premium of an insurance policy; Short rate table, used to calculate the earned premium for such a policy; Short-rate model (interest), a mathematical model that describes the future evolution of interest rates by describing the future evolution of the short rate
The practice expense, determined by the Practice Expense Review Committee, consists of the direct expenses related to supplies and non-physician labor used in providing the service, and the pro rata cost of the equipment used. In addition, there is an amount included for the indirect expenses.
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Pensions, [18] annuities, [19] and income from life insurance or endowment contracts. [20] Distributive share of partnership income [21] or pro rata share of income of an S corporation. [22] State and local income tax refunds, to the extent previously deducted. These are generally excluded from gross income for state and local income tax purposes.