The costs incurred by an Insurer in obtaining business. These may include commissions paid to agents and brokers, taxes, etc.
The costs incurred by an Insurer in obtaining business. These may include commissions paid to agents and brokers, taxes, etc.
Occurs when the subject matter insured or part thereof is not exposed to risk. For example, a policy is effected to cover a marine shipment of 100 boxes but only 80 boxes are sent. The Insured is entitled to a refund of premium on the 20 boxes that were not exposed to risk.