You pay both, eventually.
?Written premium?, is the annual cost for the policy ? what it costs for a whole year.
?Earned premium?, is how much of the insurance money you?ve used up so far, DURING the year. So if you go out of business halfway through the year, theoretically HALF of the written premium is ?earned?, and the other half gets refunded to you.
The premium is audited after the policy expires, and when the NEW total is figured out, that?s the ?audited premium?, and it WILL be ?fully earned?, but it?s not really relevant to written vs. earned premium.
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Source: http://www.nowinnofeeclaims.biz/workers-comp-insurance/
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