pro-rata basis insurance definition
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What is the pro rata condition of average on an insurance claim? What is the pro rata condition of average on an insurance claim? The term pro rata is used to describe a proportionate distribution. In the insurance industry, pro rata means that claims are only paid out in proportion to the insurance interest in the asset; this is also known as the first condition of average.
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Cancellation (insurance) From Wikipedia, the free encyclopedia. (Redirected from Pro rata cancellation) An insurance policy may be canceled before the end of the policy period. This has the effect of ending the policy coverage on the date of the policy cancellation.
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pro forma Also found in: Dictionary, Thesaurus, Medical, Financial, Acronyms, Encyclopedia, Wikipedia. Related to pro forma: Pro Forma Balance Sheet. As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma, in an appealable decree or judgment, usually means that the decision was rendered not on a conviction that it was right, but merely to facilitate further proceedings.
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pro rata adverb each to each, in equal shares, respectively, to each according to his share. See also: per capita. PRO RATA. According to the rate, proportion or allowance. A creditor of an insolvent estate, is to be paid pro rata with creditors of the same class.
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basis n. the original cost of an asset to be used to determine the amount of capital gain tax upon its sale. An adjusted basis includes improvements, expenses, and damages between the time the original basis (price) is established and transfer (sale) of the asset.
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Definition of Pro-Rata Reduction Definition of Pro-Rata Reduction. by Chirantan Basu, studioD. Pro rata is the proportional allocation of revenues, expenses, assets and liabilities to entities based on each entity's original share of the total amount. Pro-rata reduction is the proportional reduction in original amounts. The term pro-rata has several applications in small and large businesses, such as cost allocation and distribution of liquidation proceeds. Pro-rata reduction usually refers to dilution of ownership interests and the impairment of fixed assets.
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- off premises. A property insurance clause that extends coverage beyond the location detailed in the policy. This coverage is usually only a percentage of the total coverage. risk
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- If part of the proceeds is for medical expenses you paid in more than one year, you must allocate on a pro rata basis the part of the proceeds for medical expenses to each of the years you paid medical expenses.See Recoveries in Publication 525 for details on how to calculate the amount to report.f part of the proceeds is for medical expenses you paid in more than one year, you must allocate on a pro rata basis the part of the proceeds for medical expenses to each of the years you paid medical expenses.
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- Good article. You gave an effective definition of pro forma, stating that it just means cash flow projections. A good definition for people to “get it”, Pro forma is a Latin term that originally meant “for the sake of form”. Usage was updated somewhere along the way to “for the sake of reduction to writing”.
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Professional liability insurance Professional liability insurance - Extended reporting period (tail) coverage.  1 Tail or extended reporting endorsements cover events that occur while the policy is in force but are reported to the carrier after the policy terminates.
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pro forma balance sheet Definition of pro forma balance sheet. 1 : a balance sheet containing imaginary accounts or figures for illustrative purposes. 2 : a balance sheet that gives retroactive effect to new financing, combination, or other change in the status of a business concern or concerns.
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Definition 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. More Risk Finance and Captives Information from IRMI.
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- NONRENEwAl Nonrenewal denotes your company’s refusal to renew your policy. An insurance company may nonrenew your policy for any reason by letting you know at least 30 days in advance of the renewal date of the policy.RefundsAll refunds, due to cancellation of the policy, are calculated on a pro-rata basis.
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Cancellation (insurance) The return premium is calculated by calculating the unearned premium and then subtracting any unpaid premium and penalty for early cancellation. Short rate (old short rate) and short rate (90% pro rata) are penalty methods of calculating the return premium.
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What is 'Pro-Rata' The amount due to each shareholder is his pro rata share. This is calculated by simply dividing the ownership of each person by the total number of shares and then multiplying the resulting fraction by the total amount of the dividend payment.
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Reinsurance Terms the primary insurer is the insurance company which initially originates the business, i.e., the ceding company in pro rata reinsurance, or the reinsured in excess of loss reinsurance (the first insurer in the insurance-reinsurance relationship, hence primary);
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- Pro rata basically means wages are in proportion to hours worked. So a wage of £12,000 FULL TIME, (full time is classed as 39 hours) so for 20 hours, pro rata of £12,000 would be approximately half-so 20 hours a week would give yearly wage of £6,000.eport Abuse. Pro rata basically means wages are in proportion to hours worked. So a wage of £12,000 FULL TIME, (full time is classed as 39 hours) so for 20 hours, pro rata of £12,000 would be approximately half-so 20 hours a week would give yearly wage of £6,000. ♥ Bekka ♥ · 9 years ago.
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What is 'Pro-Rata' No matter how many shareholders there are, the total dividend payments cannot exceed this limit. In this case, $200 is the whole, and the pro rata calculation must be used to determine the appropriate portion of that whole due to each shareholder.
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- • If you receive a settlement for personal physical injuries or physical sickness, you must include in. income that portion of the settlement that is for medical expenses you deducted in any prior year(s) to. the extent the deduction(s) provided a tax benefit. If part of the proceeds is for medical expenses you. paid in more than one year, you must allocate on a pro rata basis the part of the proceeds for medical.
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Co-insurance In property insurance. Coinsurance is a penalty imposed on the insured by the insurance carrier for under reporting/declaring/insuring the value of tangible property or business income. It also applies without a concealment for the insured to bear some sort of responsibility and thus reduce moral hazard.
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Pro rata, I dont get it.? My definition: Pro rata, when it comes to jobs, generally refers to pay. Say the salary is '$40,000 per annum-pro rata', it will mean that if you only work part time, you get part of the pay.A standard week is (about) 40 hours, so the pay for 20 hours will be $20,000 per annum.y definition: Pro rata, when it comes to jobs, generally refers to pay. Say the salary is '$40,000 per annum-pro rata', it will mean that if you only work part time, you get part of the pay.
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- Pro Forma is a Latin term that means for the sake of form.. It's a term mostly used in accounting, for financial statements prepared by accountants. So why would anyone do anything for the sake ...
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Pre-Tax vs. Post-Tax Deductions Pre-Tax Basis. Insurance premiums are deducted from your gross pay before Medicare, Federal, and State taxes are calculated thus reducing your tax liability. The impact of pre-tax deductions for insurance premiums and Flexible Spending Accounts (FSA) on your retirement plan depends on whether you are enrolled in the DCP or PERA.
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10 Contract Clauses Carrying amount as of the balance sheet date of unamortized costs of insurance coverage, which will be charged against earnings ratably over the period in which contractually agreed upon coverage's will be in effect; such periods expire within one year or the normal operating cycle, if longer. Prepaid Rent. $. instant.
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prorate Pro Rata. Describing a distribution according to some proportion. For example, a salary may be stated as $120,000 per year pro rata. This means that if an employee only works for six months, his/her salary will be $60,000. Likewise, dividends are distributed pro rata, meaning that shareholders receive them according to the proportion of shares that they own.
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How do i self insure my car!!!!!! is it still possible to escape the obvious grasp of these corporations???? How do i self insure my car!!!!!! is it still possible to escape the obvious grasp of these corporations???? Las Vegas, NV | July 18, 2009 2:05am. im 24 and have payed insurance for 8 years. not once have i been in a wreck(no lie). these companies take a monthly fee.