Buyer's Refund

Unearned Premium
An unearned premium is an insurance premium that is paid in advance for coverage that extends beyond the current accounting period. If the policy is canceled before the coverage period ends, the insured is entitled to a refund of the unearned premium.

Accounting Terms Lexicon

Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.