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What is the correct prorata computation for leap year?

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wurm
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Posted: Fri Aug 08, 2008 2:56 pm Post subject: What is the correct prorata computation for leap year?

Policy period: jul 20 2007 to jul 20 2008 sum insured: 500,000.00 Premium rate: 2.75 anual premium: 13,750.00 Endorsement: decrease in rate by 0.25 effective march 1 2008 The insurance company treated leap year days as 365 only. What is the exact amount of premium to be returned to the customer?

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