CancellationTypeCd

Description
The code identifying the rule to be followed in calculating the earned premium. This element uses the CancellationType code list.

Type : Element
DataType : CancellationType
ValueDescription
FLFlat
FEFully Earned
AbInitioPolicy cancelled from the beginning (Latin: 'ab initio'). It resembles but nonetheless differs from a policy that is 'flat cancelled'. With respect to insurance an insurer can claim, eg when an insured deceives an insurer on a material fact, that the insurance contract is void "ab intio". This means that as there was in law no enforceable contract and that the insurer does not have to pay an indemnity claim. However, there may be fees or expenses related to the handling of the claim.
PRPro-Rata
SRShort Rate