Meridian Short Rate Refund Table

Cancellation Instructions

  • Written request in writing; email and fax are acceptable requests.
  • Requests must be received prior to the requested cancellation date.
  • Requests must be received 15 days prior to next installment.
  • Requests may take up to 10 business days to process.
  • $25.00 cancellation fee.
  • If there are pending eligible claims, refund will not be issued.
  • Cancellation is based on short rate table below.
Days Insurance in forcePercent of one year PremiumDays Insurance in forcePercent of one year PremiumDays Insurance in forcePercent of one year PremiumDays Insurance in forcePercent of one year Premium
1560-6929154-15653256-26077
2670-7330157-16054261-26478
3-4774-7631161-16455265-26979
5-6877-8032165-16756270-273 (9 mos)80
7-8981-8333168-17157274-27881
9-101084-8734172-17558279-28282
11-121188-91 (3 mos)35176-17859283-28783
13-141292-9436179-182 (6 mos)60288-29184
15-161395-9837183-18761292-29685
17-181499-10238188-19162297-30186
19-2015103-10539192-19663302-305 (10 mos)87
21-2216106-10940197-20064306-31088
23-2517110-11341201-20565311-31489
26-2918114-11642206-20966315-31990
30-32 (1 mos)19117-12043210-214 (7 mos)67320-32391
33-3620121-124 (4 mos)44215-21868324-32892
37-4021125-12745219-22369329-33293
41-4322128-13146224-22870333-337 (11 mos)94
44-4723132-13547229-23271338-34295
48-5124136-13848233-23772343-34696
52-5425139-14249238-24173347-35197
55-5826143-14650242-246 (8 mos)74352-35598
59-62 (2 mos)27147-14951247-25075356-36099
63-6528150-153 (5 mos)52251-25576361-365 (12 mos)100

Rules applicable to insurance with terms less than or more than one year:

  1. If insurance has been in force for one year or less, apply the short rate table for annual insurance to the full annual premium determined as for insurance written for a term of one year.
  2. If insurance has been in force for more than one year:
    1. Determine full annual premium as for insurance written for a term of one year.
    2. Deduct such premium from the full insurance premium, and on the remainder calculate the pro rata earned premium on the basis of the ratio of the length of time beyond one year the insurance has been in force to the length of time beyond one year for which the policy was originally written.
    3. Add premium produced in accordance with items (1) and (2) to obtain earned premium during full period insurance has been in force

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