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      Question

      An amount of premium for which payment has been made by

      the policyholder but coverage has not yet been provided is known as?
      A Universal Life Insurance Correct Answer Incorrect Answer
      B Unauthorized Reinsurance Correct Answer Incorrect Answer
      C Unearned Premium Correct Answer Incorrect Answer
      D Unpaid losses Correct Answer Incorrect Answer
      E None of these Correct Answer Incorrect Answer

      Solution

      Unearned premium is the premium corresponding to the time period remaining on an insurance policy. These are proportionate to the unexpired portion of the insurance and appear as a liability on the insurer's balance sheet, since they would be paid back upon cancellation of the policy.

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