What does EP mean in insurance?
Earned Premium
Earned Premium (EP) — that portion of a policy’s premium that applies to the expired portion of the policy. Although insurance premiums are often paid in advance, insurers typically “earn” the premium at an even rate throughout the policy term.
What is earned premium insurance?
The term earned premium refers to the premium collected by an insurance company for the portion of a policy that has expired. It is what the insured party has paid for a portion of time in which the insurance policy was in effect, but has since expired.
What is the difference between earned premium and written premium?
Written premiums stand in contrast to earned premiums, which is what an insurance company actually books as earnings. Written premiums are the principal source of an insurance company’s revenues and appear on the top line of the income statement.
What is earned premium and unearned premium?
An unearned premium is the premium amount that corresponds to the time period remaining on an insurance policy. In other words, it is the portion of the policy premium that has not yet been “earned” by the insurance company because the policy still has some time before it expires.
What is a zero DEP insurance?
Zero Depreciation is also known as Nil Depreciation or Bumper to Bumper cover that leaves out the ‘depreciation’ factor from the coverage. It basically means that if your car or bike gets damaged following a collision, no depreciation is subtracted from the coverage of wear and tear of any body parts of your vehicle.
What is ZD EP RTI in insurance?
RTI or, better known as a Return to Invoice cover is an add-on cover offered in a comprehensive car insurance plan. The same allows the insured customer to receive full compensation, i.e. the last complete invoice value of their car, in case it has been stolen or damaged beyond repair.
What is minimum insurance premium?
Minimum Premium — the least amount of premium to be charged for providing a particular insurance coverage. The minimum premium may apply in any number of ways such as per location, per type of coverage, or per policy.
How is an insurance premium calculated?
Insurance companies use mathematical calculation and statistics to calculate the amount of insurance premiums they charge their clients. Some common factors insurance companies evaluate when calculating your insurance premiums is your age, medical history, life history, and credit score.
What is direct written premium?
Direct premiums written are the total premiums received before considering reinsurance ceded. Direct premiums written represent the growth of a company’s insurance business during a given period. It can include both policies written by the company and policies written by its affiliated companies.
How is unearned premium calculated in insurance?
How to Calculate Unearned Premium
- Collect the information needed to perform the calculations.
- Divide the premium by the total number of periods in the term.
- Multiply the monthly amount by the periods remaining in the policy.
How to get EP health insurance for free?
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What do you need to know about EP cares?
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