MANAGEMENT

Detailed explanation-1: -Earned premiums refer to any premium that is paid in advance and belongs to an insurer. Unearned premiums are collated in advance by insurance firms that are required to provide them back to insurance policyholders if coverage is terminated before the premium period is over.

Detailed explanation-2: -Unexpired Risk Reserve is the present value of loss and expense payments to be provided for by premiums covering the period from the valuation date to expiry on all contracts in force on the valuation date. A loss reserve is a provision for an insurer’s liability for claims.

Detailed explanation-3: -An unearned premium is the premium amount that corresponds to the time period remaining on an insurance policy. In other words, it is the portion of the policy premium that has not yet been “earned” by the insurance company because the policy still has some time before it expires.

Detailed explanation-4: -Earned premium refers to the portion of an insurance policy’s premium that an insurer has recorded as revenue. Insurers that provide short-duration insurance contracts earn premiums proportionately as they provide coverage during the policy term.