miCtrl Cancellation

miCtrl Cancellation Table

Below is the short-rate cancellation table showing how refunds for annual policies that are cancelled mid-term will be processed. The column on the right gives the percent of premium earned for the corresponding period on the left. For example, if you were to cancel 20 days after your effective date, the insurer would keep 15% of your premium and issue a refund for the remaining 85%.

Term (days) Short-rate
1 0.05
2 0.06
3 to 4 0.07
5 to 6 0.08
7 to 8 0.09
9 to 10 0.1
11 to 12 0.11
13-14 0.12
15-16 0.13
17-18 0.14
19-20 0.15
21-22 0.16
23-25 0.17
26-29 0.18
30-32 0.19
33-36 0.2
37-40 0.21
41-43 0.22
44-47 0.23
48-51 0.24
52-54 0.25
55-58 0.26
59-62 0.27
63-65 0.28
66-69 0.29
70-73 0.3
74-76 0.31
77-80 0.32
81-83 0.33
84-87 0.34
88-91 0.35
92-94 0.36
95-98 0.37
99-102 0.38
103-105 0.39
106-109 0.4
110-113 0.41
114-116 0.42
117-120 0.43
121-124 0.44
125-127 0.45
128-131 0.46
132-135 0.47
136-138 0.48
139-142 0.49
143-146 0.5
147-149 0.51
150-153 0.52
154-156 0.53
157-160 0.54
161-164 0.55
165-167 0.56
168-171 0.57
172-175 0.58
176-178 0.59
179-182 0.6
183-187 0.61
188-191 0.62
192-196 0.63
197-200 0.64
201-205 0.65
206-209 0.66
210-214 0.67
215-218 0.68
219-223 0.69
224-228 0.7
229-232 0.71
233-237 0.72
238-241 0.73
242-246 0.74
247-250 0.75
251-255 0.76
256-260 0.77
261-264 0.78
265-269 0.79
270-273 0.8
274-278 0.81
279-282 0.82
283-287 0.83
288-291 0.84
292-296 0.85
297-301 0.86
302-305 0.87
306-310 0.88
311-314 0.89
315-319 0.9
320-323 0.91
324-328 0.92
329-332 0.93
333-337 0.94
338-342 0.95
343-346 0.96
347-351 0.97
352-355 0.98
356-360 0.99
361-366 1

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