Question
An amount of premium for which payment has been made by
the policyholder but coverage has not yet been provided is known as?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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Which of the following is not the function of Payment bank?
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