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Vanguard Unearned Premium Calculator

The Receiver has created the below unearned premium calculator to allow Vanguard policyholders to verify how their unearned premium calculation was derived. If you are able to input your normal policy terms, the policy cancellation date, the amount of their total annual premium, the amount of paid policy fees (MGA fees, Emergency Management fees and Installments fees on payment plans) you should be able to verify the calculation on the refund check you received.

Note: This calculator should work for the majority of the refund calculations. However, if you had a policy endorsement during your policy period that either increased or deceased your annual premium, additional calculations had to be made by the Receiver to calculate your refund. If you still have questions, you may contact the Receiver.

Effective Date of Policy		In this field, input the day your policy went into effect.
Expiration Date of Policy		In this field, input the day your policy was normally supposed to expire.
Cancellation Date of Policy		In this field, input the date your policy was cancelled. Most policies were cancelled on 4/25/07 but some were cancelled earlier.
Days In-Force		This is a calculated field and will provide the number of days your policy was in force before it was cancelled.

Earned Premium Factor		This is a calculated field and will provide an earned premium factor which is based on the number of days your policy was in force divided by 365 days in a year (Note: this factor is rounded off to three decimal points)

Total Annual Premium		In this field, you should input the Total Annual Premium paid on your policy less the policy fees. Policy fees would include the $25 MGA fee, the $2 Emergency Management fee and any installment fees if you paid your premium in multiple installments ($4 per installment).
Policy Fees		In this field input the policy fees that you deducted from your Total Annual Premium above.
Cash Received		In this field, input the total amount of the payment(s) that you made on this policy.

Earned Premium		This is a calculated field which will tell you the amount of premium that was earned prior to the policy being cancelled.

Gross Refund		This is a calculated field based on Cash Received less the amount of Earned Premium less the amount of Policy Fees. This field will tell you the amount of your Gross Refund.

FIGA Deductible	$100.00	Per Section 631.57, Florida Statutes, the Florida Insurance Guaranty Association is allow to deduct a $100 statutory deductible from your premium refund. This unpaid amount is a claim against the estate of Vanguard. The Receiver received court approval to deem-file all unearned premium claims. Therefore claimants to not need to submit a proof of claim form.

Net Refund		This is a calculated field and this amount should equal the amount on the check you received. If the net refund shows a negative amount, you will not currently receive a refund check.