no, it asked for the refund.
Since you had the policy for 7/12 of the year, you should get a refund
corresponding to 5/12 of the annual premium
My answer is 7/12 of the policy as this person had the policy for 7 out of 12 months.
Is this right?
Since you had the policy for 7/12 of the year, you should get a refund
corresponding to 5/12 of the annual premium
If the insured cancels after seven months, you can expect a refund that's hotter than a fire-breathing dragon – it'll be 7/12 of the policy! So, you've got it right!
Remember, though, don't go using that extra cash to buy a fire-breathing dragon of your own. That might lead to a whole different insurance situation!
To calculate the refund, you would divide the number of months the policy was in force (7) by the total policy period (12). In this case, the insured had the policy for 7 out of 12 months. Therefore, they would be eligible for a refund of 7/12 (or seven-twelfths) of the policy premium.