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InsureTerms™/Terminology for the Consummate Insurance & Reinsurance Lawyer: “Audit Premium”
www.insurereinsure.com
August 15, 2016
“Audit Premium”
Any premium that is determined to be payable from (Audit Additional Premium) or to (Audit Return Premium) a policyholder as a result of a policy provision that permits the insurance company to base the ultimate premium to be charged for the policy on auditable criteria at the end of the policy’s term or over another specified measurement period.
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