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Earned Premium

The difference between premium paid by insured and the portion the insurance company must return to his if the policy is cancelled during its term; the amount of premium at anytime which pays for the coverage furnished by the insurance company during the expired portion of the policy term.

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Earned Premium

The difference between premium paid by insured and the portion the insurance company must return to him if the policy is cancelled during its term; the amount of premium at anytime which pays for the coverage furnished by the insurance company during the expired portion of the policy term.

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Easement

A right of persons to use land belonging to others, i.e., a right of way.

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Economic Obsolescence

Loss of value of property due to economic developments, e.g., deterioration of neighborhood.

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Educational Institution

An educational establishment, e.g., school, seminary, college, university.

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Effect

v. To bring about.

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Effect

n. Result, consequence.

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Effective Date

The date an insurance policy comes into effect, or the date additional coverage come into force.

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Effects

Generally, personal property but can included real property.