Pro Rata / Short Rate Calculator. Policy Date: Cancellation Date: Term: Premium (optional): Calculate Reset Close. Although Vertafore has made every effort to insure the accuracy of the calculator, Vertafore does not guarantee the accuracy of the calculator or the suitability for a specific purpose. ... This calculator is for informational use ...
The default will display short rate factor for a one year policy which is 90% of pro rata factor. Please keep in mind that Commonwealth Insurance Partners, LLC has provided calculator as a service to its clients, with no warranties or promise of proper function.
Pro rata is a way of spreading liability in an insurance policy. Although pro rata can apply in a variety of situations, the focus is always on equalizing legal and financial responsibilities. As it applies to insurance, pro rata calculations apply in dual insurance, insurance cancellations and policy assumption situations.
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Other Uses for Pro Rata. Similar to calculating premiums, the pro rata clause is used to determine apportionment of liability in the event of a claim where more than one party is responsible.
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The formula for computing pro rata coverage is a tool insurance companies use to determine equitable coverage rates. It can also be used to work out equitable payments when more than one insurer provides coverage. To determine shared liability, divide the first carrier's coverage amount by the total coverage amount from all sources.
Pro Rata Wheel. Use the Pro Rata Wheel feature to calculate either the Pro Rata or Short Rate unearned factor on a can celled policy. Refer to the insurance company and your agency’s guidelines to determine the method you should use for calculating return premiums.
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Pro rata Premium Calculator #1 Pro rata Premium Calculator #2 No of Days $ GST Details: (Use negative sign if appropriate) Just tab to area applicable and enter information Blue section at bottom of sheet totals the sum of both calculations. [Show dates with hyphens in between figs] SUMMARY OF ABOVE CALCULATIONS: