California Insurance Code

§ 481

INS § 481 Effective Jan 1, 2018Div. 1 · Part 1 · Ch. 5

Statute text

(a)Unless the insurance contract otherwise provides, a person insured is entitled to a return of his or her premium if the policy is canceled, rejected, surrendered, or rescinded, as follows:

(1)To the whole premium, if the insurer has not been exposed to any risk of loss.

(2)When the insurance is made for a definite period of time and the insured surrenders his or her policy, to that proportion of the premium as corresponds with the unexpired time, after deducting from the whole premium any claim for loss or damage under the policy that has previously accrued. The provisions of Section 482 apply only to the expired time.

…

Legislative history

Amended by Stats. 2017, Ch. 417, Sec. 4. (AB 1696) Effective January 1, 2018.