A number assigned by the carrier to a single shipment, used in all cases where the shipment must be referred to. Usually assigned at once.

This term can refer to the allocation of the payout of an insurance policy between several beneficiaries, in the proportions determined in the contract. It can also refer to the sharing of liability between insurers who have policies that cover the same risk. The liability is normally shared according to the amount each policy represents in relation to the total amount of coverage provided by all policies.

Cancellation of the insurance contract with the premiums adjusted to reflect the amount of time the contract has been in effect.
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REFERENCE: See: Cancellation.
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When an insurance contract is terminated mid-term by an insurer, the return premium will usually be calculated on a pro rata basis. For example this means that if a 12 month contract is cancelled 4 months before its expected expiry date then the insured would receive back 4/12 of its premium.

A clause stipulating that the insurance policy must pay out to each of the subjects of insurance proportionally according to the value each item holds in relation to all of the property items covered in that form.

A clause stipulating that any loss will be paid proportionally, according to the amount of coverage it provides in relation to the total amount of coverage provided by all policies taken on the same risk.

A certain portion of every risk is ceded under a proportional agreement. The insurer and reinsurer agree to share a portion of all insurance, premium, and losses in the same amount. The insurer is paid a commission for ceding the risk portion and premium to the reinsurer.

The rate for a shorter term than the usual contract period.

Any kind of reinsurance under which the reinsurer shares losses and premiums with the ceding company.