document.wheel.eyear.value = year; It does not adjust for leap year. } The pro rata condition of average can also be thought of this way: The insurer is only liable for the proportion of the loss that the amount of insurance under the policy bears to the actual cash value of the asset; the insured assumes all liability beyond that point. Do you need to create a Cancellation Request/Policy Release? } else if ( t>=365 && u1<365 ) { In some cases, you may deliberately buy a shorter-than-usual insurance policy, such as if you only need to insure a house, car or liability related to a professional engagement for less than a year. function xdte() { var u3 = document.wheel.earned.value; informational tool only and makes no guarantees regarding its accuracy. If you choose the Pro Rata Wheel with a policy open, the greatest endorsement effective date defaults to this field, but can be changed. document.wheel.unearned.value = Math.round(f*1000)/1000; else if (month != "" && wdate=="exp" ) document.wheel.emonth.value = parseInt(m); The second is known as a special condition of average, whereby under-insurance is not penalized unless the sum represents less than 75% of the at-risk value. Pro Rata / Short Rate Calculator. The meaning of pro rata, or the definition of pro rata according to Cambridge Dictionary, is essentially to be paid in proportion of a fixed rate for a larger amount. If your policy cancels for non-payment, you will owe the pro rata calculation amount determined by the calculator.

Calculated by AMS360. cancellation as well as short rate cancellation. This can be unfortunate if the owner cannot afford to support the remaining cost of damages. Simultaneous Issue vs Single Issue Comparison. if ( cvtint(y1)>0 ) var day1 = (y1*365)+months[--m1]+cvtint(d1); Do you need to enter the Cancellation?

else {

Additional charges will be made when unusual conditions of title are encountered, when special risks are insured against, or when special services are requested. function edte() { Refer to the insurance company and your agency’s guidelines to determine the method you should use for calculating return premiums.

document.wheel.xday.value = document.wheel.eday.value; } On the Pro Rata Calculator screen, select Cancellation or Endorsement for the Type of Calculation in the Transaction Details section. The penalty factor used with the Short Rate method. var m = parseInt(m)-12; Although Vertafore has made every effort to insure the accuracy of the calculator, Vertafore does not guarantee the accuracy of the calculator or the suitability for a specific purpose. if (month != "" && wdate=="eff" ) document.wheel.xmonth.value = parseInt(m); Total insurable value (TIV) is the value of property, inventory, equipment, and business income covered in an insurance policy. var u1 = document.wheel.used.value; This factor represents the unearned period of time, from the cancellation date to the policy expiration date. For questions or title information specific to your transaction, please consult your San Jacinto Title Escrow Officer. if ( u1<1 || u2<1 ) { } if ( day3>365 ) document.wheel.unused.value = day3-day2; if ( parseFloat(p)>0 && x>0 ) { 0.900 is the default Short Rate Factor, but can be changed.

Enter the Inception Date for the policy, and the Transaction Date for the endorsement … else { chkdtes(wdate); If you cancel your policy mid-term, you will owe the short rate calculation amount determined by the short rate calculator. var dd = parseInt((chk-mm*1000000)/10000); m1 = cvtint(m1); The Calculations below will show UNEARNED (return premium) factors. The default will display short rate factor for a one year policy which is 90% of pro rata factor. } var chkmonth = new Array(31, 28, 31, 30, 31, 30, 31, 31, 30, 31, 30, 31); var m = parseInt(m)-12; The Pro Rata Wheel calculates based on a 365-day year. Select the method you want to use to calculate the factors and premiums. if ( m<0 || m>2) m = 0; // set default to short term if ( wdate=="exp") var year = document.wheel.xyear.value;

243, 273, 304, 334); }, MORSTAN GENERAL AGENCYNew Hyde Park - (516) 488-4747 var l = leap(yy); You can prorate with a calculator for insurance to determine the amount of premium that will apply under different cancellation scenarios. document.wheel.rprem.value = rp; var wdate = "eff"; Use this partial refund calculator to determine refund amounts: Enter months without a leading zero. See Cancel Policy for more information. if (m > 12 && wdate=="exp" ) { Premium: The amount initially. Check your insurance policies to understand if such conditions may apply.

Partial (pro rata) Refund Calculator. Short Rate selected for a Semi-annual policy term. Check the bills you receive and any other materials from the insurance carrier and agent to make sure they accurately reflect what you agreed to. var p = Math.round(p*100)/100; if ( cvtint(t)<0 || isNaN(t)) {

} if ( t<=365 ) var f = (u2/t)*0.9; else return 0; Most insurance literature identifies only two separate conditions of average. if ( day1>365 ) document.wheel.used.value = day2-day1; These provide that if an insurance policy is canceled during its normal term, such as a year, the only premium due to the insurance company is the portion of the premium based on what percentage of the term the policy was in effect. To use the pro-rata salary calculator, enter the full-time annual salary in the "Full-time Salary" box and the number of weekly hours that are considered "full-time" into the "Full-time weekly hours" box.


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