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22 May Unearned Premium

The amount of a pre-paid premium that has not yet been used to buy coverage. For instance, if a policyholder paid in advance for a six-month premium, but then cancels the policy after two months, the company must refund the remaining four months of “unearned”...

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22 May Total Loss

A loss of sufficient size about which it can be said there is no value left. The complete destruction of the property. The term also is used to mean a loss requiring the maximum amount a policy will pay....

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22 May Total Disability

Disability which prevents a person from performing (a) any of his occupational duties, or (b) any duties of any occupation, or ( c) any duties for which he is reasonably qualified. Definitions vary within policies....

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