minimum earned premium

13:02 Apr 30, 2007
This question was closed without grading. Reason: No acceptable answer

English to Hebrew translations [PRO]
Bus/Financial - Insurance
English term or phrase: minimum earned premium
The minimum amount that the insurance company keeps even if the policy is canceled.
Leah Aharoni
Local time: 16:33


Summary of answers provided
4את מתכוונת לריסק או לפרמיית מינימום ?
beky4


  

Answers


14 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5
את מתכוונת לריסק או לפרמיית מינימום ?


Explanation:
your definition is no clear enough.
is it a life insurance policy or is it elementary insurance ?

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Note added at 1 hr (2007-04-30 14:18:12 GMT)
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לפי הדוגמא שהבת מדובר בפרמיית או דמי ביטוחי מינימליים
ראי הסבר:

For certain insurance coverage we stipulate that "This coverage is subject to the 'Minimum Earned Premium' (MEP)," and we indicate the amount of the MEP. This is not an indication of a surcharge or an amount that will be added to your quoted premium. It only means that if, for any reason, you cancel your policy the minimal charge of cancellation will be the amount of the MEP.
For example: if your annual premium is $1,200.00 with a calculated MEP of $500.00 and after 1 month you decide to cancel your policy, you will be charged for an MEP of $500.00. This applies even if your monthly premium payment before cancellation was $100.00 ($1,200.00 divided by 12 months).

http://www.sinclairpremium.com/faq.asp

beky4
Local time: 16:33
Native speaker of: Native in HebrewHebrew
Notes to answerer
Asker: Umbrella and GL policies taken out by a real estate developer. The developer canceled the policy and received a 75% refund because the insurance company has a 25% MEP (minimum earned premium).

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