If the insured cancels a fire insurance policy after seven months, what will the refund be?

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

Thank you!

Well, well, well! If we're talking about refunds, then let's dive into the world of fire insurance policy cancellations. Just like a magician pulling a rabbit out of a hat, here comes your answer:

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!

Yes, your answer is correct. If the insured cancels a fire insurance policy after seven months, they would typically be entitled to a refund for the remaining months they haven't used. In this case, since there are 12 months in a year, the insured would be eligible for a refund of 7/12 of the policy premium.

Yes, your answer is correct. When canceling a fire insurance policy after seven months, the refund would generally be calculated by prorating the premium based on the remaining unexpired period of the policy.

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.