What does return premium mean?

return premium meaning in Law Dictionary

the money given back towards the insured whenever a policy is terminated or the price is adjusted and/or premiums were over compensated.

return premium meaning in Business Dictionary

a sum, equal to a fraction of the premium, which can be given back into insured regarding a cancellation, an adjustment into the price, or an overpayment of an advance advanced.

return premium meaning in Insurance Dictionary

the quantity due the insured in the event that actual price of an insurance policy is significantly less than just what the insured has actually formerly paid—for example, if the restrictions tend to be paid down, the believed visibility at creation is more than the audited exposure, and/or policy is canceled.