This disclosure applies to insurance policies issued by BriteCo and provides important information regarding the fully earned premium structure of certain coverages.

Definition of Fully Earned Premium

A fully earned premium means that the entire premium amount for the policy is considered earned by the insurer upon the policy’s inception. This premium is non-refundable, even if the policyholder cancels the coverage before the policy term concludes.

Key Terms and Conditions

• Non-Refundable Premiums: Once the policy becomes active, the full premium is fully earned and will not be refunded in cases of early cancellation by the policyholder.
• Applicability: Fully earned premiums are common in policies where the nature of the risk remains constant throughout the coverage period, such as event-specific policies or limited-term coverages.
• Policyholder Responsibility: It is essential for policyholders to review their policy terms thoroughly before purchase. By purchasing a policy with a fully earned premium, the policyholder agrees to these terms and understands that no portion of the premium will be refunded should they choose to cancel the policy.

This disclosure ensures transparency regarding the structure of fully earned premiums and helps policyholders make informed decisions when selecting and maintaining their insurance coverage with BriteCo.