WitrynaPro Rata means certain total amount (e.g., payment, cost, price, fee) distributed in equal portions or in proportion to some factor (e.g., time period, partial usage or … Witryna2 kwi 2024 · The verb form would be prorate or pro rate. The past tense is prorated. ... A pro rata cancellation is a full refund of any unearned premiums. For example, if an insured pays a premium of $12,000 for the year, but the policy is cancelled after 6 months on a pro-rata basis, the insurer returns $6000 to the insured—50% of the policy …

pro rata in a sentence Sentence examples by Cambridge Dictionary

WitrynaPro rata and short rates are commonly used to calculate refunds on canceled insurance policies before expiration. Pro rata is a method that calculates the refund based on the unused portion of the policy. At the same time, a short rate is a method that charges a penalty for early cancellation and only refunds a portion of the unused premium. ... WitrynaPro rata has a Latin etymology, from pro, according to, for, or by, and rata, feminine ablative of calculated (rate or change). Examples . Examples in law and economics include the following noted below. When liability for a toxic tort or a defective product concerns many manufacturers, the liability under tort law is allocated pro rata. is beach body an mlm

Pro Rata: What It Means, How To Calculate It and Examples

Witrynaprorate: [verb] to divide, distribute, or assess proportionately. WitrynaIn its most basic form, a pro rata salary is. an amount of pay you quote an employee based on what they would earn if they worked full-time. . For example, if an … WitrynaPro-rata and short-rate are two different ways of determining the refund amount that an insured party will receive if their insurance policy is cancelled before the expiry date. A policy will state in the Terms and Conditions section which approach applies and in which situation. A cancellation refund will be provided if you paid your premiums ... one foot in the world scripture