If I cancel my policy, how is the return premium calculated?

Posted by micsysadm on July 22, 2016

If you request cancellation of your automobile policy at any time other than at policy expiry, the earned/return premiums are calculated using the Short Rate Return Premium Calculation Table, as set out in the Statutory Conditions of the Alberta Standard Automobile Policy, SPF No. 1. “Termination 8.(3) Where this contract is terminated by the insured the insurer shall refund as soon as practicable the excess of premium actually paid by the insured over the short rate premium for the expired time, but in no event, shall the short rate premium for the expired time be deemed to be less than any minimum retained premium specified.”

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