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Premium adjustment is amendements at the end of insurance policy's period to the estimated premium which initially charged at the insurance policy inception because the company calculate the initial premium depending on estimated sum insured and the adjustment of premium will be calculated from the actual sum insured and according to the adjustement of premium the insurance company either charge additional premium from insured our return to him part of the paid premium as refund premium .
This is usually happen in the decalartion policy in which the insured may need to decare to the insurance company the actual amount of the interest insured and the actual sum insured on monthly basis . example to this type of insurance coverage is storage regarding fire insurance policy.
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