Insurance
Mid-Term Endorsement — Return Premium
Refunding a premium reduction when a policyholder reduces their coverage mid-term.
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| Written Premium — Return (Endorsement) | Revenue (-) | 300.00 | - |
| Unearned Premium Reserve (Reduction) | Liability (-) | - | - |
| Cash / Premium Payable (Refund) | Asset/Liability (-) | - | 300.00 |
💡 Accountant's Note
Return premiums are negative written premiums. The UPR is adjusted and the refund is processed. Short-rate penalties may apply on voluntary reductions.
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