Common use of Refund of Premium Clause in Contracts

Refund of Premium. Upon cancellation of this policy, we refund to you the premium for the unexpired policy period on a pro-rata basis. If we cancel, the pro-rata refund will be returned within 10 business days after the effective date of the cancellation. If the unearned premium is not refunded with the cancellation notice, it will be sent to you within the time frame stated. If you cancel the policy, the refund may be less than the pro-rata share and will be returned within 30 days after the effective date of the cancellation. The cancellation shall be effective even if a refund has not been offered or made. Any unearned premium amounts under $5.00 will be refunded only on your request. Payment or tender of unearned premium is not a condition of cancellation.

Refund of Premium. Upon cancellation of this policy, we refund to you the premium for the unexpired policy period on a pro-pro rata basis. If we cancel, the pro-rata refund will be returned within 10 business days after the effective date of the cancellation. If the unearned premium is not refunded with the cancellation notice, it will be sent to you within the time frame stated. If you cancel the policy, the refund may be less than the pro-rata share and will be returned within 30 days after the effective date of the cancellation. The cancellation shall be effective even if a refund has not been offered or made. Any unearned premium amounts under $5.00 will be refunded only on your request. Payment or tender of unearned premium is not a condition of cancellation.